1099-MISC/NEC Form Maintenance - Field Descriptions

Use this table for reference when completing the fields on this screen.

Fields

Descriptions

Entity

After entering or selecting an Entity, all records will be shown on the main screen for tax review purposes, and cost center security prevents editing vendors that the operator does not have authorization to access.

If the Entity is left blank, the company name displays.
Note: This field only displays if cost centers are being used and entity tracking is also enabled in the current company.

1099 type

Select the type of 1099: Vendor, Customer or Other.

Vendor/cust code

Enter the vendor or customer code. The system will read the Vendors screen for the entered (V)endor code, or the Customer screen for the entered (C)ustomer code, and complete the name, address, and ID information.

It is not necessary to enter a valid customer code. This is particularly helpful for first-year users that may need to send a 1099-MISC/NEC to an individual paid prior to conversion to Spectrum.

Note: If you select a vendor with a status of Not used, you will not be allowed to proceed. If you select a vendor with a status of Inactive, the software will display a warning.

Payer tax ID number

The payer tax ID defaults from the Build 1099-MISC/NEC Form screen; no changes are allowed.

Vendor total

The total payment made to this vendor displays.

Recipient

Recipient name

The name of the vendor/customer displays.

Alternate name

Any alternate name stored in the software for the selected vendor will default. Enter an alternate name that you want printed on the 1099-MISC/NEC form, which will print in the Name box.

Address, City, State

The full address of the 1099 recipient displays.

Recipient properties

Federal ID#

If federal income tax was manually withheld from vendor payments, enter the company's federal tax ID in this field.

Payer state code

Enter the company's two-digit state ID to display on the form and update to the Nelco export file.

State/payer #

If state income tax was manually withheld from vendor payments, enter the company's state tax ID in this field.

Tip: Kansas and Wisconsin require longer Tax ID numbers than can be entered in this field. For these states, enter 'REPLACEME' in this field, export the file, and then open the file with a text editor and replace the text with the appropriate 15-digit State Tax ID. Alabama, Georgia, Hawaii, Nebraska, New Jersey and New Mexico do not require a State ID for 1099-MISC filing, so this field should be left blank in these states.

FIT withheld

If you manually withheld federal income tax from vendor payments, enter that amount in this field. The system will generate a dollar amount for this field if the "amount indicator" is "4" in the Vendors.

SIT withheld

If you manually withheld state income tax from vendor payments, enter that amount in this field.

State income Enter the amount of earned income for the state for Form 1099-MISC (Box 17) and Form 1099-NEC (Box 7).

2nd TIN notice?

Select the check box if notified twice within the past three years that the vendor or customer's taxpayer identification number is incorrect.

Products for resale?

Select the check box if $5,000 or more of resellable goods were sold to this customer.

If this 1099-MISC/NEC is for a customer rather than a vendor, the remaining fields are irrelevant.

Form 1099-MISC amount paid

Rents

Enter the rent amount paid. The system will generate a dollar amount for this field if the "amount indicator" is "1" in the Vendors.

Royalties

Enter the royalties paid. The system will generate a dollar amount for this field if the "amount indicator" is "2" in the Vendors.

Other income

Enter the amount paid for other income (for example, prizes or awards). The system will generate a dollar amount for this field if the "amount indicator" is "3" in the Vendors.

Med payments

Enter the medical payments amount. The system will generate a dollar amount for this field if the "amount indicator" is "6" in the Vendors.

Non-emp comp

Enter the non-employee compensation amount . The system will generate a dollar amount for this field if the "amount indicator" is "7" in the Vendors (or if the "amount indicator" is blank).

Int/div substitute

If a partial payment was made in lieu of money owed for interest or dividends, enter the amount paid.

Golden parachute

Enter the amount paid as excess golden parachute payments.

Paid to attorney

Enter the gross proceeds paid to an attorney.

Total 1099-MISC amount The total of all 1099-MISC amounts entered above will display in this field.

Form 1099-NEC amount paid

Non-employee compensation Enter the non-employee compensation amount . The system will generate a dollar amount for this field if the "amount indicator" is "7" in the Vendors (or if the "amount indicator" is blank).