Magnetic Media 1099s

This window will create one file on your computer that will have the 1099 information for all entities that you are filing on it. This file can then be submitted electronically to the IRS through the "FIRE" system. If you have more than 250 files to submit the IRS requires that you submit them electronically. The file created here is the one that you can submit. The file that is created will be named IRSTAX.001

By default the file will be created using the numbers that are reported on the udpate 1099 window. If you mark the option for the combined filing, then the file will be created using the totals on the update state 1099 window instead. This is necessary so that the file submitted can be broken down by state.

Accounting Year - The year that you want to build the electronic 1099 file for.

Mark the File as a "Test" File - Allows you to submit a test file to the IRS.

TCC - The taxpayer code assigned to the producer company for transmitting 1099s electronically or magnetically. This number must be applied for and then assigned by the IRS. If you do not already have a TCC number be sure to apply for one well in advance of when you will need to submit the electronic file.

File Location - The path to the location where you would like the file created. The IRSTAX.001 file will be created and saved into the folder that you select here. If creating the magnetic file in multiple companies, be aware that if you choose the same location in each that it will overwrite the file created from the previous company. So be sure to identify each file with the respective company after they are created. It is a good idea to rename the file before creating the magnetic file again in another company.

Build File By Well - If the 1099s were created by well then you will need to mark this option. If you did not create the 1099s by well then this option should not be marked.

Mark Records As Corrected 1099s - Marking this option indicate that every record on the file is a correction. This should be done only when correcting a file previously submitted to the IRS.

Choose Selected 1099s
Allows you to select specific 1099 records to add to the file. Those will then be the only owners included.

Combined Federal/State Filing - If you need to file a state 1099 and your state state is approved, you can file both the federal and state information as one. Mark this option and your information will be flagged in a way that the IRS will know to copy the information to your state. When this option is marked, it will create the 1099 magnetic file based off of the totals on the Update State 1099 window instead of on the Update 1099 window.