Use this screen to print 1099s or to create a magnetic media file of 1099 information.

You must run these two processes separately.

Print 1099s and create the magnetic media file after you review all 1099 information using the Edit 1099 Information screen and the 1099 Edit Report.

Before printing the file, ensure that all vendor addresses are correct by checking the address codes on the Edit 1099 Information screen against the vendor address information on the Manage Vendor screen. (You can do this by printing the Vendor Information report.)

To ensure that your 1099 information is correct, print 1099s on blank paper before creating an electronic file (magnetic media). This enables you to check the final form of all 1099 information and correct any errors before printing actual 1099s or creating the magnetic media file. You cannot correct any errors after you create a magnetic media file; you must recreate the file.

You can include state amounts in printed 1099 forms and magnetic media.

If you include state amounts in magnetic media and a state is a participant of the Combined Federal/State Filing program, you can submit your information returns directly to the IRS, and the IRS will forward your returns to participating states, eliminating the need for separate state reporting. For more information, refer to IRS Publication 1220 (for tax year 2024).

1099 Corrections

You can also print 1099 correcting forms to rectify errors to previously submitted 1099s. To print correcting 1099s, you must first create the correction information on the Create 1099 Information screen. If there are available correction records, Costpoint automatically determines the type of correction, whether it is a one-transaction correction, or a two-transaction correction, based on the discrepancy it detects between the original 1099 and the correcting 1099.

Print correcting 1099s and create the corresponding magnetic media file after you review all correction information using the Edit 1099 Correction Information screen and the 1099 Correction Edit Report. Once you generate the output, the printed 1099 forms will display an X mark in the Correction box of the form, and for magnetic media, Costpoint populates the Corrected Return indicator in Record B.

For corrections that affect only federal reporting, you can create a magnetic media file to be directly submitted to the IRS. For corrections that affect both federal and state reporting, you can also use the direct electronic submission, provided that your state is a CF/SF participant. If the corrections apply only to state level, you must create printed forms and send them directly to the state.

The creation of magnetic media files is limited to purely original returns or purely correcting returns per file. Combined original and correcting returns in a single file is not supported.