Drake Accounting®: Choose from the following FAQs about Forms 1099.
Click on one of the
following links to scroll to that question
- Do I need anything other than Drake Accounting® prior to uploading 1099/1098 files?
- Are there other forms that I need that are associated
with electronically filing Forms 1098/1099 for an extension or waiver?
- Where do I create Forms 1098/1099?
- Which forms are available under Payables?
- Which forms are available through On the Fly?
- Do I need anything other than Drake Accounting® prior
to uploading 1099/1098 files?
Are there other forms that I need that are associated with
electronically filing Forms 1098/1099 for an extension or waiver?
- Yes. File Form 4419 at least 45 days before the due
date of the return to apply for a Transmitter Control Code (TCC). If you
don’t receive a reply within 45 days, call the IRS’s Martinsburg
Computing Center toll free at (866) 455-7438 between 8:30 a.m. and 4:30
p.m. EST. You will not be able to transmit until after you’ve received
Where do I create Forms 1098/1099?
- Yes, Forms 8809 and 8508.
- Form 8809
- This is the extension of time to file informational
returns. See here for more information.
- Form 8508 -
This requests a waiver from filing informational returns electronically.
- It must be filed at least 45 days prior to the due
date of the returns for which you are requesting a waiver.
- If you do not file and do not have an approved
waiver on record, a penalty of $50 per return can be levied.
Which forms are available under Payables?
- Forms 1099 can be created from payments through
the Payables module or can
be filled out in the On the Fly module
within Drake Accounting®. The only
forms under Payables that payments flow to are the Form 1099-MISC and the
- Forms 1098 can only be created in the On the Fly module.
Which forms are available through On the Fly?
- The following Forms 1099 are available under Payables > Federal Forms > Form Type > Form 1099.
- The following Forms 1099 are available under On The Fly > Federal Forms > Form Type > Form 1099.
- The following Forms 1098 are available at On The Fly > Federal Forms > Form Type > Forms
1098 and W-2G
Note: Currently, Drake
Accounting® does not support the e-Filing of corrected
Forms 1098/1099. The client would only check the corrected checkbox if the
initial transmission was accepted. If the file was rejected/had a “BAD” status,
do not use the corrected checkbox as they should be able to e-File the
submission again. If a file gets rejected, contact
Drake Accounting® Support at (828)349-5908 so that we can diagnose the
issue. Once the file is ready to resubmit, it will need to be uploaded as a