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What types of 1099 income can Sage 50 report?

Created on  | Last modified on 

Summary

Supported 1099-NEC, 1099-MISC, and 1099-INT tax form boxes for Sage 50 Accounting.

Description

See IRS form 1099 for detailed instructions

Resolution

The 1099 settings in the 2022 release were changed to eliminate references to specific 1099 box numbers to be more flexible with future 1099 changes. Release 2023 includes 1099-K settings for card and network transactions. The 1099 box designations for release 2021 and earlier are listed in parentheses.



Setting When to use

INT, Income or MISC/NEC, Compensation

(INT Box 1 or MISC Box 7)

This is the default setting for all general ledger accounts. Select this to report interest income for vendors with the Interest 1099 type and non-employee compensation for vendors with the Independent Contractor 1099 type.

Note: Beginning with 2020 reporting, Non-employee compensation will be reported to 1099-NEC Box 1.

1099-INT, Income

(1099-INT, Box 1)

Select this to report interest income for each contractor

1099-MISC, Rents

(1099-MISC, Box 1)

Select this to report income for each contractor to whom you pay rent.

1099-MISC, Royalties

(1099-MISC, Box 2)

Select this to report income for each contractor to whom you pay royalties

1099-MISC, Other Income

(1099-MISC, Box 3)

Select this to report income for each contractor to whom you make other, unspecified payments.

1099-MISC, Fishing boat proceeds

(1099-MISC, Box 5)

Select this to report income for each contractor you pay in the form of fishing boat proceeds.

1099-MISC, Medical and health care

(1099-MISC, Box 6)

Select this to report income for each contractor you pay in the form of medical and health care payments.

1099-MISC or 1099-NEC, Compensation

(1099-MISC, Box 7)

Select this to report non-employee compensation. Starting in 2020, this reports to Box 1 on the 1099-NEC.

1099-MISC, Substitute payments

(1099-MISC, Box 8)

Select this to report income for each contractor who receives substitute payments in lieu of dividends or interest.

1099-MISC, Direct sales

(1099-MISC, Box 9)

Select this to report direct sales of $5000 or more of consumer products. Starting in 2020, this reports to 1099-MISC, Box 7.

1099-MISC, Crop insurance proceeds

(1099-MISC, Box 10)

Select this to report income for each contractor you pay in the form of proceeds from crop insurance. Starting in 2020, this reports to 1099-MISC, Box 9.

1099-MISC, Golden parachute

(1099-MISC, Box 13)

Select this to report income for each contractor who has received excess golden parachute payments from your company.

1099-MISC, Attorney gross proceeds

(1099-MISC, Box 14)

Select this to report income in the form of gross proceeds paid to an attorney. Starting in 2020, this reports to 1099-MISC, Box 10.
NoneSelect this option if you don't want to report either miscellaneous income or interest income.



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