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Form 1099

Troubleshooting

Issue or Question:
 I cannot generate an information return form.
Check the following if you are having an issue with generating an information return form:
  • On the Account Information page, review the
    End Tax Year
     field to ensure that the date indicated is within the tax year you want to process the 1099 for. Under the
    1099 Information
     collapsible section, review the
    1099 Service Level
     drop-down list to ensure that a service level was selected for the account. Make sure that the appropriate check boxes for the types of information returns that will be generated for the account are selected.
  • Under the
    Distribution-Decimal/Dollar
     collapsible section on the Recipient Information page, make sure there is a distribution percentage entered in the
    1099 Distribution Percentage
     field. The total distribution amount for all the recipients listed on the account should equal 100%. Under the
    Recipient Information
     collapsible section, review the
    1099 Recipient Type
     drop-down list to ensure that a recipient type was selected. The recipient type should be either
    1099 recipient only
     or
    Legal beneficiary & 1099 recipient
    . Under the
    Options
     collapsible section, make sure the
    Suppress Schedule K-1/Tax Summary/1099
     check box is not selected.
  • Select
    SETUP
     then
    Information Reporting Setup
     to display the Payers page. Select
    Save
     if a message displays indicating that the 1099 Setup Information for the tax year does not exist. This will roll the previous year's payer information to the current year. If a message does not display, select OK to save the payer information.
Issue or Question:
 I processed a 1099, but only an agency letter was generated.
To process a 1099, select
1099/FMV
 from the
Document Option
 drop-down list on the Process page. Do not select
Federal and State
.
If the
1099/FMV
 option is unavailable, you have not rolled over your payer information. To roll over your payer information, select
SETUP
 then
Information Reporting Setup
 to display the Payers page. Select
Save
 if a message displays indicating that the 1099 Setup Information for the tax year does not exist. If a message does not display, select OK to save the payer information.
Issue or Question:
 My 1099 data files were not submitted to the IRS.
Each year, you must authorize ONESOURCE Trust Tax to submit your information returns to the IRS for you. If you do not authorize ONESOURCE Trust Tax to submit your information returns to the IRS, you will not be able to prepare 1099 data and your 1099 data files will not be submitted to the IRS.
To authorize ONESOURCE Trust Tax to submit your information returns to the IRS for you, select
SETUP
,
Information Reporting Setup
 then
Filing
. Under the
Authorizations
 collapsible section, select the
AUTHORIZE submission of 1098, 1099 and 5498 Electronic Filing to IRS (Federal)
 check box. Select
Save
.
Issue or Question:
 I cannot select
1099/FMV
 from the
Document Option
 drop-down list on the Process page.
Before processing 1099s each year, you must roll over your payer information. To roll over your payer information, select
SETUP
 then
Information Reporting Setup
 to display the Payers page. Select
Save
 if a message displays indicating that the 1099 Setup Information for the tax year does not exist. If a message does not display, select OK to save the payer information.
Issue or Question:
 The
Prepare 1099s and 5498s with cents
 Enhanced 1099 option is not selected, but cents are printing on Forms 1099-B and 1099-OID and the supporting detail pages.
Cents print on Forms 1099-B and 1099-OID because they report sales detail by asset. To more accurately report the dollar amounts on the Tax Information Letters and tax returns, ONESOURCE Trust Tax prints all detail amounts on supporting statements with cents and rounds the subtotal and total amounts.
Issue or Question:
 The
On 1099
 check box is not automatically selected when I access the Transaction Detail page for an interest, dividend or OID transaction, or the
On 1099-B
 check box is not automatically selected when I access the Sale Detail page.
To automatically select the
On 1099
 or
On 1099-B
 check box, ensure that the payer information for your information reporting controls is set up or that the payer information was rolled over from the previous year.
To roll over your payer information, select
SETUP
 then
Information Reporting Setup
 to display the Payers page. Select
Save
 if a message displays indicating that the 1099 Setup Information for the tax year does not exist. If a message does not display, select OK to save the payer information.
Issue or Question:
 Can information returns be filed if I receive an informational diagnostic message?
Yes, your information returns will be filed with the IRS even if you receive the informational diagnostic message. An i displayed in front of a diagnostic message indicates that the message is an informational diagnostic message. Informational diagnostic messages do not prevent an information return from being filed with the IRS. A s displayed in front of a diagnostic message indicates that the message is a severe message. Severe diagnostic messages prevent an information return from being filed with the IRS.
Issue or Question:
 I have 1099 records that are not included in the current 1099 data file. Can I submit a new request to prepare 1099 data when a data file already exists but has not yet been submitted to the IRS?
Yes, you can submit a new request to prepare 1099 data to include the excluded records provided that the omitted records are for an original filing (not a correction filing). If the data was omitted because of a severe diagnostic, be sure to resolve the issue that caused the diagnostic to generate, reprocess the information return then submit another request to prepare 1099 data.
Issue or Question:
 How do I download a state data file for a state that has direct filing requirements?

This article applies to:

  • PRODUCT: ONESOURCE Trust Tax