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05/24/2012 at 04:51PM PDT
Important Announcement! A planned system-wide upgrade will take place over the Memorial Day Weekend in the US (From Thurs, May 24, 2012 at 6 pm PDT thru Tues, May 29, 2012 at 5 am PDT). This includes QuickBooks, QuickBooks Payroll, Point of Sale, & Salesforce.com. This is only for US based products. This does not affect QuickBooks Online customers! During this time, you can shop, but can’t place orders online, activate products or update account info. We apologize for the inconvenience & thank you for patience while we improve our infrastructure to better serve you. International versions are unaffected. For more info, see our community discussion.
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lstorey
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lstorey
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02/08/12 1:31pm PST
Viewed by asker 02/14/12 8:36am PST

1099-K Receipts

US QuickBooks Premier : 2012: Standard

Is QuickBooks doing anything to help the tracking of 1099-K receipts?

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02/10/12 11:11am PST

Since you should be reporting all income, it doesn't matter if you receive 1099-Ks as long as you confirm this form is not overreporting.

Add up all 1099 amounts.

Compare it to your own income records.

Ignore the 1099 total if it is less than what you have documented.

Contact anyone who overreports.

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02/10/12 11:18am PST

Yes but starting on the 2012 tax return there is a separate line item to report your 1099K income.

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02/11/12 11:47am PST
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In the tax programs, there also has been a field to fill in for 1099-M income.

All you need to do is document your full income, subtract the amounts reported by various methods, and report it all.

I don't see how a program can track if someone will or won't report payments on a form, just because they should do so. Even though you can run reports on customers and payments, this really doesn't correlate to what actually happens in real life. I can track all payments to me by method, but the provider might determine I don't qualify for being reported, so the data in QB isn't useful from the perspective of payment method, without looking at the actual forms received.

Also, this is a developing topic. It might be premature to even work on this much. The results of this filing season are proving how ridiculous the rules have become. I really would expect something might change in the rules, as opposed to the programs.

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