1099 Diskette Reporting

Overview

Use this job aid to create a diskette containing 1099 information for submission to the Internal Revenue Service. Information is updated from the patronage transactions and cannot be edited. Therefore, an incorrect transaction can be reversed and then reentered correctly. The 1099 Diskette Reporting procedure will not record information that is less than the amount specified in the Minimum 1099 Amount box on the Patron Refund Information window or that is less than the amount specified in the Minimum 1099 Amount box on the Dividend Information window. You can create the 1099 diskette as often as you want.

To process 1099 Diskette Reporting:

Verify that you entered your company's name and address information correctly.
Complete all processing of patronage refunds, source allocations, and dividend payments.
From the Toolbar, click PAT for Patronage.
From the Patronage menu, select 1099 Reporting, and then select 1099 Diskette Reporting.
In the Beginning and Ending Transaction Date box, type the beginning and ending date range you want to include on the 1099 diskette.
In the Patron Name Id Beginning and Ending boxes, click Lookup or type * and press Enter, and then select the patron name id range you want to include on the 1099 diskette.
In the 1099 Type box, type 1 to submit only patronage refund and source allocation date to the IRS, type 2 to submit dividend payment data to the IRS, or type 3 to submit patronage refund, source allocation, and dividend payment data to the IRS.
In the Diskette Drive box, type the letter of the drive (usually A or B) that you will copy the 1099 information to.
In the Filing Year box, type the last two-digits of the year in which you paid a refund or dividend and for which you are filing 1099 information.
In the Transmitter Control Code, type your IRS-assigned transmitter control code.
In the Federal Tax Id box, type your federal tax identification number.
In the Type of File Indicator box, type T for a test submission, C for a correction submission, O for original submission, or R for a replace submission.
In the Combine Federal/State box, type Y if you completed Form 6847 Consent for Internal Revenue Service to Release Tax Information and you want the IRS to forward 1099 information to your state's department of taxation, or type N if you did not complete Form 6847.
In the Address Line to Print? box, type 1 or 2 to use the first or second address line, or type 3 to use the first available address line (in the event one or the other of the address lines is blank in Name and Address.
In the Contact Name, type the name of the person the IRS can contact if they have questions about your 1099s.
Click OK.
Place a blank diskette in the drive you entered in step 8.
Click OK.
In the Printer box, type the number associated to the place you want your report to print.
In the Print Type box, type the number associated to the characters per inch to print the report in.
In the Copies box, type the number of copies of the report you want to print.
In the Pages From and To boxes, type the page number range you want to print the report for. Leave the boxes blank to print all pages.
Click OK.

Learn more about 1099 Reporting feature: