If you work with vendors or subcontractors you send 1099-MISC forms to, you need to set 1099 preferences, then mark your vendors as 1099-applicable. QuickBooks will track the payments you make to these vendors for you. Come tax time, QuickBooks will have all your 1099 info ready for you.
For the 2011 tax year, some forms of payments from 1099-MISC will be reported on a new third-party form 1099-K. Find out what changes you need to make.
Now that youv'e set everything up, each time you make a payment to a 1099 vendor, QuickBooks automatically adds the amount to the total you must report on the vendor's 1099-MISC form.
You can keep tabs on your 1099-related payments by creating 1099 reports. When it's time to print your 1099-MISC forms, you can print them with just a few clicks of the mouse. For details, see these topics: