Propertyware Knowledge Base

Description

Propertyware can automatically fill in the blanks of form 1099-MISC, either via a printout or e-Filing. Below are answers to the most frequently asked questions about this process.

 

What is a 1099?

Form 1099 is an official IRS document that shows how much money you have paid an independent contractor, vendor, or any other non-employee for business purposes during a calendar year.  For a property management company, these non-employees will typically fall into two categories: owners and vendors.

There are several types of 1099 forms. The type of 1099 a property management company typically sends to owners and vendors is 1099-MISC. By law, you must send this form to any owner or vendor to whom you have paid at least $600 during the previous calendar year, postmarked by Jan 31.

For more information on Form 1099, please visit IRS.gov.

 

How do I print a 1099-MISC with Propertyware?

Propertyware will NOT print out the entire 1099-MISC form. You MUST feed in a blank, official IRS 1099-MISC form for each 1099 printout you wish to generate. Propertyware will then print the information for your owner or vendor into the appropriate blanks.

Official 1099-MISC forms can be obtained from most office supply stores or other providers of official documents. You can also order the forms directly from the IRS by visiting www.IRS.gov, or by calling 1-800-TAX-FORM (1-800-829-3676).

1. Load the blank official 1099-MISC forms into your printer.

2. To Print Vendor 1099s, start from the Money Out tab. To Print Owner 1099s, start from the Management tab. 

From there, the process for vendor and owner 1099s is the same:

3.  Go to the Related Activities list in the left-hand sidebar and click Print Vendor/Owner 1099s. This will take you to a checklist of vendors or owners.



4.  Above the list, select the year for which you want to print 1099s, then filter your list by checking or un-checking the appropriate boxes:

• Show only "Eligible for 1099" – Deselecting this option will display all owners or vendor contacts regardless of whether you have specifically marked them as "Eligible for 1099" in their Owner Contact or Vendor record. 
• Hide Less than $600 – Shows only owners or vendors with totals (income or bills) greater than $600.00 in the table.
• Show Vendor Type (Vendor list Only) – Shows the vendor type in the table.
• Hide Portfolio (Owner list Only) - Hides the Portfolio name in the table.
• Hide 0% Owners (Owner list only) – Hides owner contacts that do not own a percentage of the property in the table.                

5.  Select the vendors or owners you want to print 1099s for by checking the box next to their name. To select all displayed names, click “All” at the bottom of the page.



6. Click the Print 1099 button. A Print 1099 Setup window will appear.



7.  Adjust the margins to suit your printer. Our default margins will work for a majority of printers; however, to avoid wasting time and 1099 forms, it is highly recommended that you print a test.

8.  Click Print Test 1099. A PDF of sample information will pop up onscreen.            



9.  Print this page onto a single 1099-MISC form, to ensure that the margins and other printer functions are working well.

10.  Once you have ensured that your printer and information is properly configured, go back to the Print 1099 Setup window and click Print 1099. The 1099 info for each of the vendors or owners you have selected from your list will now print onto your official 1099 forms.

 

How do I e-File a 1099-MISC with Propertyware?

Detailed instructions for e-Filing Form 1099-MISC through Propertyware can be found here.

 

Where does Propertyware get the information it prints onto a 1099-MISC?

Vendor 1099 amounts reflect how much money your company paid the vendor during the applicable calendar year, as recorded in Propertyware. This will show up as the amount you recorded actually paying them, rather than the amount you were billed for (for example, if a vendor billed you in 2009 but you paid the bill in 2011, the amount you paid will show up on your 2011 1099-MISC for that vendor). Unpaid vendor bills are NOT included on vendor 1099s. 

Propertyware fills in the blanks on the Vendor 1099 with information recorded in their Vendor Record, located under the Money Out tab.

To verify the payment amount recorded on a vendor 1099, you can view that vendor’s Ledger, or run a report for the applicable year such as the Money Out Bill Payments report or the Vendor 1099s report, filtered by Vendor.

Owner 1099 amounts reflect the gross income, including discounts, your company received for the owner for the calendar year, as recorded in Propertyware. Unpaid tenant charges are NOT included on owner 1099s.

Propertyware fills in the blanks on the Owner 1099 with the information recorded in their Owner Contact Record.  The fields used are: Address, Eligible for 1099, Tax ID, and Taxpayer Name, if you have entered one. Otherwise, the regular Contact Name you entered will be used.

To verify the income amount recorded on an owner 1099, you can run a Report for the applicable calendar year, such as the Income Statement report, the Income/Expense report, or the General Ledger report, filtered by Portfolio. 

Payer contact information fields are populated with the information you have on file under Administration Setup.

PLEASE NOTE: If you have selected Management Company as the Vendor 1099 Payer under Accounting Preferences, only one 1099 will be issued per vendor and your Company Info will be listed on the 1099 as the Payer. If, however, you have selected Portfolio, your vendor 1099s will list individual owners under Payer, and multiple 1099s may be issued to vendors depending on which owners they have performed services for.