How Do I Generate 1099 Information for the IRS?
We are trying to prepare to generate 1099 information for the IRS. How do we do that within DDI-Connect?
The 1099 payee information should have been updated when you performed year end job processing. This involves the following reports:
IL276 - Generate 1099 Statements (Investments) IL272 - Generate 1099R Statements (Investments) IL273 - Generate 5498 Statements (Investments) IL445 - 1098 Mortgage Interest Statements (Loans) AP34 - Vendor Listing by 1099 Type (Accounts Payable)
The rest of the activity takes place within the IRS Reporting System within DDI-Connect. You will want to make sure that:
- Forms are set up
- Boxes are set up
- Your Transmitter information is set up
- Your payer information is set up
The payee information will have been loaded based on the reports listed above. You will want to review and verify that the information is correct. If you do need to make modifications, you can do so using the Payee Entry screen.
Once all of the data is correct, you are ready to generate the IRS files. You can do this using the IRS Extract. You also have the option of creating a mailmerge file, or generating a substitute state report.
