1099 Type of Income (TINC)

The 1099 Type of Income (TINC) page allows you to define valid values for an income type and the Form Type used in the 1099 and 1098 reporting process. For internal 1099 reporting, this table is linked to the Object, Sub-Object, Balance Sheet Account, and Sub-Balance Sheet Account pages to define the valid Types of Income. The relationship of the income type to the COA helps determine reportability. The 1099 Type of Income page supports the 1099-A, 1099-C, 1099-G, 1099-INT, 1099-MISC, 1099-NEC, 1099-R, 1099-S, 1098-F, and 1098-T Form Types. The 1099 Type of Income page is also used to define the threshold amounts for each Type of Income associated with a form.

You can add, modify, and delete information on this page. It is recommended you set up all boxes for each Form Type in sequential order. The application generates an Income Type ID when a new record is inserted to the page. The field is hidden but records will be displayed in that order when the page is opened. If records are inserted out of order, it may appear strange or that a box was not entered for the Form Type. However, the page does allow the records to be sorted if the box numbers were added out of order.

The Income Type Number is defined as a number field and letters cannot be entered when creating boxes for the Form Type. If letters are needed to identify a box, numbers must be used to represent the letter. For example, box 2a and 2b would be Income Type Numbers 21 and 22, respectively. Other examples include boxes 15a and 15b. Those would be Income Type Numbers 151 and 152.

Each box should also define the type of data it expects by selecting the Data Type values. 1099R , 1099ER, and 1098ER will validate to ensure the box value entered is the correct data type. It is not necessary to add records on this table that are not amounts, however, it will help with data entry if users are able to enter records on 1099R, 1099ER, and 1098R pages. For example, the box is a tax year. If not defined on TINC as a Data Type of Year, users may enter a value such as ‘20’ and the value will be rejected by the IRS as it is expecting the value of 2020. When the Data Type is set to Year on TINC, it will require the user to enter a four-digit number.

This page is required to use the Advantage 1099 and 1098 functionality. It is used by transactions, tables, and batch processes for 1099 and 1098 reporting.