1099 processing:

This procedure is to accommodate our clients who have arrangements with their Owners to split the payments for Rentals. It DOES NOT provide a way to divide these payments, it only provides a way to divide the income being reported to the IRS for 1099’s.

Before printing 1099’s MAKE SURE to check the TaxID for your company in MainMenu; Date Entry; Company!

Example 1:

Tweedle Dum and Tweedle Dee share the income from their Unit. Tweedle Dum is the Owner attached to UnitID: “OLDMACDONALD”. The total income for the year was $10,000 to be shared equally between T. Dum and T. Dee

1.       In the Owner screen for Tweedle Dum enter   -$5,000.00   in the 1099BalFwd field.

2.        Add an Owner for Tweedle Dee. Note that the OwnerID must be unique throughout PMM+ so you must devise a naming plan to suit.

a.       Enter Tweedle Dee’s name, address, etc.

b.      In the COUNTRY  field enter “1099”

c.       In the 1099BalFwd field enter this person’s share of the income for the year. ($5,000.00)

d.      It is suggested that you enter the UnitID that this owner receives rent from in the Notes field to help you in the future.

3.       In MainMenu; Reports; Tax Reporting; 1099 Summary T.Dum’s income will report as $5,000.00 for the year.

4.       In 1099 Summary – Additional T. Dee’s income will report as $5,000.00

5.       When you print the 1099 report T. Dum’s corrected income will print on his 1099.

6.       When you print the 1099 Additional report T. Dee’s income will print correctly on his 1099

Example 2:

If PMM reports some but not all of the income for a given owner, use the 1099BalFwd field in the Owners screen to “adjust” the amount printed on the 1099. (Do not put “1099” in the Country field in this case)

Example 3:

If you are a new user of PMM and have income to report that does not show up in PMM add Owners as in example 1. You can then run the 1099 Additional to print these 1099’s. (Insert “1099” in the Country field in this case).

1099 Vendor processing:

1.       There is a checkbox now in Main Menu; Data Entry; Vendors “1099 Vendor” to indicate that a vendor is to receive a 1099.

2.       There is also a field “1099 Bal Fwd” that can be used if you have other charges paid to the Vendor. (you can also enter a negative number here to make adjustments)

3.       The reports and the 1099 Vendor print are in “Main Menu; Reports; Tax Reporting.

1042-S Printing:

1. You will need to either purchase sufficient blank 1042-S forms or print blank ones from the www.irs.gov site. You should also download the 1042-S instructions to ensure that you use the correct country codes, etc.
2. Scroll down in the Owners screen to add information for foreign Owners. Note that the numbers in the screen labels correspond to the fields in the 1042-S. Make sure you use the correct codes from the 1042-S instructions.
3. As with 1099's the 1099 Total (Gross Amount in 1042-S) is the sum of all Reservation income and the 1099 Bal Fwd field for the year. (If you use a negative number in the 1099 Bal Fwd amount the 1099 Total will be reduced)
4. To print 1042-S go to Main Menu; Reports; Tax Reporting. When printing your 1042-S forms Use "File", "Page Setup" to adjust the margins to make sure your forms print correctly in the boxes. Print one or two pages first to make sure you have the alignment right.