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1099 recipient with less than $600.00 in calendar year

  • 1.  1099 recipient with less than $600.00 in calendar year

    Posted 6 days ago
    Hello,

    It seems that GP doesn't let you select the amount for 1099's any longer.  Is that correct?  I have a vendor that we did not pay $600.00 to, but we still need to send a 1099 to because they provided legal services.  My worry is that there may be other vendors with the same situation that may get skipped.  How can you verify if you don't know what you're looking for?

    Thanks for any help!


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    Michelle P.
    Lucky's Market Parent Company LLC
    Niwot CO
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  • 2.  RE: 1099 recipient with less than $600.00 in calendar year

    Posted 6 days ago
    Hello Michelle,

    The newer version of Dynamics GP have a 1099 Setup window that is embedded within the Payables Management Setup window (navigate to the Microsoft Dynamics GP menu >> Tools >> Setup >> Purchasing >> Payables). On the bottom right-hand side you'll see the 1099 Setup button, which will open up a new window. It is within the 1099 Setup window where you can verify the minimum amount for 1099 payments; you may need to click on the drop-down menu to find the appropriate tax type.

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    George Rios
    Bond Consulting Services
    Long Beach CA
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  • 3.  RE: 1099 recipient with less than $600.00 in calendar year

    Posted 6 days ago
    Thank you, George!  I appreciate your help!  Have a great day.

    Michelle

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    Michelle Ponder
    Lucky's Market Parent Company LLC
    Niwot CO
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  • 4.  RE: 1099 recipient with less than $600.00 in calendar year

    Posted 6 days ago
    Michelle:

    You only issues 1099s to vendors, even law firms, who you paid more than $600 for services.  If you didn't pay the law firm over $600, you don't have to issue a 1099 to them.

    Laura S.

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    Laura Susko
    Director, Tax & Accounting
    Levy Family Partners
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  • 5.  RE: 1099 recipient with less than $600.00 in calendar year

    Posted 6 days ago
    Laura, thank you for making it super easy!  I wish we didn't have to send them at all, they are the least favorite part of my job.  Thank you very much for taking the time to help.

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    Michelle Ponder
    Lucky's Market Parent Company LLC
    Niwot CO
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    Conference-GPUG_200x200


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