What gets reported on 2011 1099-MISC

by Kelly Totten on December 29, 2011

For the most part, 1099 rules remain the same this year, but there is one major change.  The IRS is now requiring third party payment processors to report payments made to you through their systems.  You’ll get a 1099-K for each person who paid you with a credit card, debit card, PayPal, etc.  Similarly, people you have paid via these methods will receive a 1099-K from the payment processor.  What does this mean for you?

You need to EXCLUDE from your 1099-MISC calculation any amounts you paid via a payment processor (for most people, debit/credit cards and PayPal).

Intuit is providing solutions to this issue for their QuickBooks products, but you may have to re-code some transactions to get the proper report from your system.  Please follow the appropriate links below to find out how to get the right information out of your accounting system.

QuickBooks Online: https://qboe.custhelp.com/app/answers/detail/a_id/4785

QuickBooks for Mac 2010, 2011, 2012: http://www.qblittlesquare.com/2011/12/1099_2010-2012/

QuickBooks for Mac 2009 and earlier: http://www.qblittlesquare.com/2011/12/1099_2009_and_earlier/

QuickBooks Pro/Premier:

 

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