1099 Reported Income (1099R)
The 1099 Reported Income inquiry records the consolidated income from the 1099 Journal per Calendar Year, 1099 Reporting Payer, Form Type, TIN, TIN Type and 1099-S Form Number. The 1099-S Form Number allows for the insertion of more than one record per TIN and TIN Type combination for the 1099-S form when the 1099-S Reporting field on the 1099P is set to Property even if they have the same 1099 Reporting Payer. The page is initially updated with records from the 1099 Journal, the first time the 1099 reporting process is executed for a calendar year. From that point on, any updates or corrections to 1099 information can be done via the following ways:
Page-level Actions/LinksPage-level Actions/Links
The Create New Record link creates a M1099 transaction with the Action Code of New and new information can be entered.
The Add New 1099 Reported Income link allows a new record to be inserted to the table.
Row-level Actions/LinksRow-level Actions/Links
The Modify Existing Record link creates a M1099 transaction with the Action Code of Modified and it will infer the existing information for the record from the 1099R table.
The Edit 1099 Reported Income link allows the record to be changed if the Processing Indicator is Updated. This link will be enabled if a record has initially been updated after the Offline 1099 Process by using the Apply Corrections link.
The Apply Corrections link allows a record to be updated after the record has been inserted to the table. This link is enabled when the record needs to be updated initially after the Offline 1099 Process inserted it.
The 1099 Information link transitions you to the 1099 Reporting Information page.
The 1099 Journal link transitions you to the 1099 Journal page and filters the results based on the Calendar Year, TIN, and TIN Type from the record selected on the 1099 Reported Income page.
The Form <Form Type> Reporting link transitions to the corresponding Form Reporting page and filters the results based on the Calendar Year, Form Type, Reporting Payer, TIN, and TIN Type from the selected record.
Each record has a Generation Date, Processing Indicator and an IRS Reported indicator. This provides a log of the processing history and identifies records that have been reported to the IRS.
If fields are changed/updated that are not IRS pertinent fields, they alone will not be picked up during Corrections processing. Some examples of those fields include Comments and Name 2. If other corrections (name or amount change) are made during Corrections processing, the non-pertinent fields will be passed at that time.
Please refer to the "1099 Processing" topic of this guide for more information.
TasksTasks
Refer to the following topics for 1099 related tasks:
