Introduction
To extract 1099 data, Breeze checks the payment records in the year and calculates a total for each 1099. You can then run reports to check the data before you generate the 1099 forms.
Because the filter varies according to data type, this article includes three procedures:
Extraction for NEC/MISC Vendor by Mgmt. and NEC/MISC by Owner
Extraction for MISC Owner by Mgmt.
Extraction for Interest by Mgmt. and Interest by Owner
Note: Prior to generating forms or e-Filing, you can extract data, make changes, and then re-extract and validate as many times as needed until everything is correct.
Extraction for NEC/MISC Vendor by Mgmt. and NEC/MISC by Owner
Go to Accounting > IRS Forms > Extract Data.
Select NEC/MISC Vendor by Mgmt. or NEC/MISC Vendor by Owner. The filter appears.
Note: The filter is the same for Vendor by Mgmt. and Vendor by Owner.
You can run the extraction for a selection of properties or for one property at a time.
Leave the Property field blank to run it for all properties.
Gets 1099 Check Box
We recommend that you run each extraction twice: once for vendors who receive a 1099, and once for vendors who do not. Then you can run reports to verify that each vendor is in the appropriate category.
Other Filter Items (Accounts for Box 1, Box 3, etc.)
Payments using the GL accounts entered above appear in the corresponding boxes on the 1099 forms.
Payments that are associated with other GL accounts (i.e. accounts that are not entered above) are included in Box 1 on the 1099-NEC form.
If you are reporting federal income tax withheld on both a 1099-MISC and 1099-NEC form separate GL accounts are required. Speak to your tax advisor to determine what GL accounts to enter here.
Click Extract.
Note: If you want the NEC totals to print in Box 1 of the NEC form, leave all the GL account fields blank when you run the extract function. The system will default all the NEC totals to Box 1.
Extraction for MISC Owner by Mgmt.
Go to Accounting > IRS Forms > Extract Data.
Select MISC Owner by Mgmt. The filter appears.
You can run the extraction for a selection of properties or for one property at a time. Leave the Property field blank to run it for all properties.
Include Deposits?
Select this check box to include tenant deposits that have been paid out to the owners.
Click Extract.
Extraction for Interest by Mgmt. and Interest by Owner
Go to Accounting > IRS Forms > Extract Data.
Select Interest by Mgmt. or Interest by Owner. The filter appears.
You can run the extraction for a selection of properties or for one property at a time. Leave the Property field blank to run it for all properties.
Specify GL accounts for Box 1 and Box 4 for the 1099-INT forms. Speak to your tax advisor to determine what GL accounts to enter here.
In the Interest From field, select which transactions Breeze should use to calculate the interest. Interest Paid looks at payments, Interest Credited looks at credits (negative charges), and Both consider payments and credits.
Click Extract.
Viewing Extracted Data
After extracting 1099 data, you should verify it by running the extracted data reports. Go to Accounting > IRS Forms > Extracted Data Report.