subject: How To Print 1099 S Form- 1098 Software [print this page] A 1099 form is considered an informational return by the IRS. Use form 1099 S Proceeds from Real Estate Transactions to report Proceeds from Real Estate Transactions, to report the sale or exchange of real estate. File Form 1099-S to report a transaction that consists in whole or in part of the sale or exchange for money, indebtedness, property, or services of any present or future ownership interest in any of the following Improved or unimproved land, including air space, Inherently permanent structures, including any residential, commercial, or industrial building, a condominium unit and Stock in a cooperative housing corporation.
1099 S copies B forms must be issued to the transferor no later than January 31st of the following tax year. The IRS requires 1099 S copy A and 1096 forms to be filed by mail no later than February 28th. If electronically filing the forms the deadline becomes no later March 31st.
Use 1099 S printing softwareto create, print and file 1099 S forms. Follow the six simple steps below in order to print your forms before the IRS deadline.
Step 1: Click company>new company>enter company name because this type of software can be used for multiple companies you will need to complete these steps for each individual company.
Step 2: In the next screen enter the companys address and federal identification number.
Step 3: Enter 1096 information. Enter the contact persons name, phone number and email address. Enter the filers name if different from the company name. An example of the filers name being different than the companys name would be if you are a tax preparer.
Step 4: Click 1099 recipients>new recipient, enter the recipients Social Security Number, type of 1099 received, name and address. This information will automatically populate on the form in the next step.
Step 5: Click 1099 forms. In this screen you should see the recipient information already populated. On the right side of the screen you will enter totals in the boxes that apply to this recipient.
A.Box 1. Date of Closing. Enter the closing date.
B.Box 2. Gross Proceeds. Enter the gross proceeds from the sale or exchange of real estate.
C.Box 3. Address or Legal Description (Including City, State, and ZIP Code). Enter the address of the property, including the city, state, and ZIP code.
D.Box 4. Check Here if the Transferor Received or Will Receive Property or Services as Part of the Consideration. If the transferor received or will receive property (other than cash and consideration treated as cash in computing gross proceeds) or services as part of the consideration for the property, enter an X in the checkbox in box 4.
E.Box 5. Buyers Part of Real Estate Tax. For a real estate transaction involving a residence, enter the real estate tax paid in advance that is allocable to the buyer.
Step 6: From this screen click print. Select which recipients you want to print 1099 forms for at this time current, all or a range of recipients. Next select the type of copy you want to print from the drop down menu. 1099 software prints 1099 S copies B and C on blank paper, perforated paper and preprinted laser forms. The IRS requires 1099 S copy A and 1096 forms to be printed on preprinted red ink laser forms.
For more information regarding printing 1099 S visit www.realtaxtools.com
