Let me clarify that I'm using the word "vendors" below in the way
GnuCash does: someone to whom one makes a payment. The IRS does not
(best I can tell) require that 1099s be issued for "Payments for
merchandise, telegrams, telephone, freight, storage, and similar items."
(That's a quotation from the instructions here:
https://www.irs.gov/forms-pubs/about-form-1099-nec.
I don't rent anything from anyone, so I don't have to do rent 1099s. I
think rent amounts go on 1099-MISC
There may be times when I hire a contractor to do non-employee work
that's over $600. In that case I think I have to issue a 1099-NEC.
On 12/5/23 14:46, Eric Chapman wrote:
My little business sometimes has to provide 1099s to vendors and the IRS.
I was searching for how to best do that with GnuCash. I found a
helpful tutorial here:
https://www.reddit.com/r/GnuCash/comments/eqpkih/how_to_deal_with_usa_1099misc_in_gnucash/.
It is 4 years old, but I read through it, and it looks as if it
probably would still be useful.
I also found this question and answer from 2016:
https://lists.gnucash.org/pipermail/gnucash-user/2016-April/065105.html
My questions:
(1) Is the tutorial on reddit my best approach or is there a better
one somewhere? How do others using GnuCash do it?
(2) Is it true that GnuCash does not have a way to tag vendors as to
their 1099 status, or did I just miss it? Seems to me each vendor
could have a box ticked if it is not a corporation, and then if the
annual payments to that vendor exceed $600, a report could be run.
Thank you!
--
Eric Chapman
GnuCash 4.14 on MacOS 14.1 Sonoma running on an Apple M3 Max computer.
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