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15062: Forms 1099 - Frequently Asked Questions (DAS)


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Drake Accounting®: Choose from the following FAQs about Forms 1099.

 

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  1. Do I need anything other than Drake Accounting® prior to uploading 1099/1098 files?
  2. Are there other forms that I need that are associated with electronically filing Forms 1098/1099 for an extension or waiver?
  3. Where do I create Forms 1098/1099?
  4. Which forms are available under Payables?
  5. Which forms are available through On the Fly?

 

 

  1. Do I need anything other than Drake Accounting® prior to uploading 1099/1098 files?
    • 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 the TCC.
  2. Are there other forms that I need that are associated with electronically filing Forms 1098/1099 for an extension or waiver?
    • 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.
  3. Where do I create Forms 1098/1099?
    • 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 1099-NEC.
    • Forms 1098 can only be created in the On the Fly module.
  4. Which forms are available under Payables?
    • The following Forms 1099 are available under Payables > Federal Forms > Form Type > Form 1099.
      • 1099-NEC 
      • 1099-MISC
      • 1096
  5. Which forms are available through On the Fly?
      • The following Forms 1099 are available under On The Fly > Federal Forms > Form Type > Form 1099.
        • 1096
        • 1099-A
        • 1099-B
        • 1099-C
        • 1099-DIV
        • 1099-G
        • 1099-INT
        • 1099-MISC
        • 1099-NEC
        • 1099-OID
        • 1099-PATR
        • 1099-R
        • 1099-S
      • The following Forms 1098 are available at On The Fly > Federal Forms > Form Type > Forms 1098 and W-2G
        • 1096
        • 1098-C
        • 1098-MORT
        • 1098-T
        • 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 replacement file.


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