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Here it is, the new 1099 Miscellaneous Boxes!
The 1099-MISC form has been revised to meet the IRS regulatory changes for the 2020 tax year. In the Vendor Card point to Options, point to Tax Type: Miscellaneous, point to 1099 Box, click the drop-down menu.
Box 9: Crop insurance proceeds are reported in.
Box 10: Gross proceeds to an attorney are reported in.
Box 12: Section 409A deferrals are reported.
Box 14: Nonqualified deferred compensation income is reported.
Boxes 15, and 17 report state taxes withheld, and amount of income earned in the state, respectively.
Box 7 was moved to the 1099 NEC form as a checkbox Payer made Direct Sales of $5,000 or more, etc.
Box 16 the state number is not a currency field and it is available at the header level of the 1099 details window. Therefore, the data entered in the header will be shown in the form.
Note: This feature will be rolled back to Microsoft Dynamics GP 2016 in the 2020 Year-end update.
If you updated from an existing install of 18.2, February (18.2.1060) or June (18.2.1100) hotfix, you may notice missing data for the 1099-MISC or 1099-NEC. If so, run the 1099FIX.sql script to populate this information against each company database in Microsoft SQL Server Management Studio.
For more documentation on our new features please check out our Microsoft Dynamics GP New Feature Blog Series!
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