1099 Tracking

Qcurious

Hi, I need some help with my 1099 tracking. What are the best practices? Is it using categories or Tags? It seems I am missing some payments and I want to develop a system of never missing a payment on a report so tax time isn't so burdensome. THANKS!

Sherlock

Qcurious said:

Hi, I need some help with my 1099 tracking. What are the best practices? Is it using categories or Tags? It seems I am missing some payments and I want to develop a system of never missing a payment on a report so tax time isn't so burdensome. THANKS!

We use the supported 1099 tax-line items.  Tax-line items are like tags but they're integrated into Quicken's tax reports and views.   If you haven't already, you may want to review: https://help.quicken.com/display/WIN/About+tracking+tax-related+expenses+by+category

Ps56k2

Don't forget - 1099s are used for INCOME and Expenses....

Also - any W2 wages and other forms of income should be entered with the proper Quicken Category,
which in turn will have the proper associated tax related line item.

You can scroll thru .... Tools --> Category List

SO, just make sure you pick the right Category to get the right Tax Line Item.

volvogirl

What kind of 1099?  Payments you received (for what)?  Or payments you issued to someone you paid? Where should they show up on your tax return?   There are several ways to track and enter them depending on what they are for.  I use both Categories and Tags.  Is this for self employment business income or expenses on schedule C?