Setting myself up for 1099 income

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pjlambe
pjlambe Member ✭✭
in Business and Rental Property Tools (Windows)
OS: Windows
Version: Quicken Home, Business & Rental Property

I have been using Quicken for years. The vast majority of our income is W2 income.

I recently started earning some 1099 income. I expect this to be a low volume supplement to my W2 income. I searched, but was surprised not to find much advice on recording this income in Quicken.

Do you have any advice or tips regarding tracking 1099 income in Quicken? Do you recommend any sites that include advice for tracking this in Quicken?

I appreciate your help!

Thanks,
PJL

Comments

  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    Options
    Just create a new Income category ... and assign a 1099 tax line to it.
    Really quite simple.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • chitownhockey
    chitownhockey Member ✭✭✭✭
    Options
    NotACPA said:
    Just create a new Income category ... and assign a 1099 tax line to it.
    Really quite simple.
    One problem...there isn't a "straight" 1099 tax line in the list.

    The user will have to select "1099-MISC:Other Income" or "Form 1040:Other Income-misc" as the tax line choices.  

    The user might want to check out this site regarding the different types of 1099 forms and the filing requirements:

    https://www.efile.com/what-is-form-1099-misc-income-tax-return-requirements/
  • volvogirl
    volvogirl SuperUser ✭✭✭✭✭
    Options

    To be included in business reports (and I don't know where else) you have to assign the category to a schedule C tax line item number.  To check the tax line assignment open the Category list by either clicking on the Category Icon or go to Tools-Category List or Ctrl+Shift+C.  Then select the category and right click on it to Edit it.  Click on the Tax Reporting Tab and check the box for Tax related and pick a Schedule C: tax line item.

    Business features in Home & Business 

    https://www.quicken.com/support/business-features-quicken-home-business

    Using Business Tags in Quicken 2017 and newer.

    https://www.quicken.com/support/tell-me-about-how-tags-work-businesses


    I don't have the Home & Business version so I don't know how it works and all the features.

    This is how I use Premier.  You should set up business categories. Make sure to assign them to a schedule C line item number so they show up as business categories. I don't know what categories you would need but my husband is a Land Surveyor.  Here's how I set mine up (I also put the Schedule C line number in as part of the name)...
    Survey Income
    Survey Expenses
     ……..11 Labor
     ……..18 Office Expense
     ……..20 Equip Rent
     ……..22 Supplies
     ……..24a Travel
     ……..27 Other - Printing
     ……..27 Other - Small Tools

    I made the expenses sub-categories of the main Survey Expense category.

    Also I use Tags  for each job.  Then when I run a report I can sort it by job.  So an expense entry might look like this…
    Survey Expenses:22 Supplies/Maple Street

    I'm staying on Quicken 2013 Premier for Windows.

  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
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    QED

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

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