When to Change Threshold Amounts

The threshold amounts are the minimum you must report to the IRS for each category. The amounts shown in the 1099-MISC Setup window are correct for the version number of the 1099-MISC form shown in the About Tax Table window. Sometimes, however, the IRS changes the threshold amounts without changing the form. To find out the current amounts, call the IRS at 1-800-TAX FORM.

To update the amounts:

  1. Choose QuickBooks > Preferences and click 1099s.
  2. Enter the new amounts in the Threshold column.