Welcome back! Ask questions, get answers, and join our large community of tax professionals.

1099s; Forms List

cancel
Showing results for 
Search instead for 
Did you mean: 

1099s; Forms List

1099s; Forms List

It would be a great advantage if the list of 1099s at the left of the return currently being prepared could be displayed by name in alphabetical order. When preparing a return with up to 40 1099s, it would certainly save time in entering the information after transferring to the next year's return.  So much time wasted in going through that long list searching for a particular name.  If in alpha order, not so much of a problem.

Also, the option to change the Font Size in the HomeBase would be of immense help.

19 Comments
Level 15

So much time wasted...

As it is not necessary to enter that info (the IRS doesn't care - it only wants the total income), I agree it is a waste of time.

Run a tape, enter the total.

Level 1

The idea is a worthy one.  Entering a total for all 1099s in an individual tax return is a sure way to get a CP 2000 IRS notice or an audit.  Carlos Roman CPA.

Level 15

Maybe it's just me, but in a lot of cases I would find it odd that the only income that someone earned during the year came from payments that required 1099s.  Nobody ever paid them less than $600?    

Level 15

"  The idea is a worthy one.  Entering a total for all 1099s in an individual tax return is a sure way to get a CP 2000 IRS notice or an audit.  Carlos Roman CPA."

Really?   I've been doing taxes for 4 decades.  NONE of my clients have EVER gotten a CP 2000 notice because of just entering totals for income.  Now, if that total didn't include ALL F 1099 income, a notice would be generated.  But that notice would have been generated because of under-reporting, NOT because of failing to list one of many F 1099s.

The IRS doesn't look at that detail; I'm not sure if it is even transmitted with the efile.

Edit - there's another thread, stating that MS requires a listing of F 1099's for interest & dividends.  I don't speak "Mississippi", but it is NOT an IRS requirement.

 

Level 15
Level 15

Ive never entered the 1099s one by one, my clients bring be records of ALL their income, not just income reported on a 1099.

Level 15
Level 15

The font size in Homebase can be changed by holding the CTRL button and scrolling your mouse wheel

Level 3

The IRS doesn't look at that detail; I'm not sure if it is even transmitted with the efile.

When did that change? In past years if all 1099s weren't reported in a client's tax return, because they didn't submit all of them, they received a letter from the IRS stating that they had unreported income and were assessed additional tax, penalty and interest. This was the case even though the total revenue reported was substantially greater than the total amount of 1099s. We had to submit proof that the missing 1099(s) were included in the revenue reported on the tax return. This happened on several clients in past years.

Why does PS show the line for income reported on 1099s if the IRS doesn't require it?

I'd love to not have to report every single 1099.

Level 15
Level 15

The only look at total income reported on Sch C vs 1099s reported to them by the payers.   As long as the income reported on Sch C meets or exceeds the income reported on the 1099s that IRS has on record, theres no issues.

Ive never once, in over 25 years, input the actual 1099 MISC that clients receive. If they bring me a stack of them, and tell me thats the only income they received, I add them up and stick the total on Line 1 of the Sch C.

I also have never entered the actual 1098 for mortgage interest for Sch A or the 8829, I just input the figures.

 

Level 15

When did that change?

NOTHING has changed.  Lacerte, ProSystem FX,  UltraTax - all high end tax prep software that I've used in the last four decades, to prepare well over 15,000 tax returns - do NOT require a separate listing.  NEITHER does the IRS.

ProSeries (probably) has to assist you in making sure *nothing* gets missed.  But it's a tool, that's all.

Your occasional IRS letters were not because a specific Form 1099 was missed in the listing.  Most likely they were because of a mismatch of ID numbers & names. 

Forms 1099 are supposed to be issued using an individual name & SSN.   OR, a business name & a FEIN.   If that gets messed up (which I see, regularly) there can be mismatch issues.   OR, a client forms an LLC, or incorporates part way thru the year but the F 1099's are issued under the wrong ID number

Level 15
Level 15

"In past years if all 1099s weren't reported in a client's tax return, because they didn't submit all of them, they received a letter from the IRS stating that they had unreported income and were assessed additional tax, penalty and interest."

If all the income that had been reported to IRS on 1099s wasnt included on the Sch C, yes, you'll get a CP2000 for missing income, but its not due to individual 1099s not being entered, its due to the total income not matching IRS records.

Your clients need to reporting ALL income their business received, they should be keeping track of this themselves (thats what businesses do!) regardless if they received a 1099 or not.