Data entry for a consolidated 1099
Complete these steps for each consolidated payer.
To enter a consolidated 1099 for 1041 returns:
- Go toOrganizer,Source Documents (1099s),Consolidated 1099,Payer, and thenAdd new Consolidated 1099.
- Enter the name of the consolidated payer (up to 40 characters), and then selectOK.
- Enter the payer's name, address, domestic or foreign city, state or country, and zip or postal code.
- Enter the payer's federal ID number.notePayer information must be entered completely. The payer ID number's mandatory for certain state e-filed returns. The state return could be rejected if the payer ID isn't entered.
- If necessary, override the recipient's federal ID number, name, address, domestic or foreign city, state or country, and zip or postal code.
- If applicable, enter the following:
- 1099-INT information; use the State Allocation of Non-Resident Tax Exempt Interest.
- Enter 1099-DIV information; use the State Allocation of Non-Resident Tax Exempt Interest.
- Enter 1099-OID information along with the margin interest and investment advisory fees deduction amounts. For any resident state tax return, enter exempt dividend income items. The system allows you to allocate ordinary dividends to multiple states, but it doesn't allow you to allocate dividends from the U.S. government bonds to more than 1 state.
