DoubleTime

DoubleTime 9 - Upgrade

Start using the newest features today!

Windows 10 Compatible

Download Now

1099-S

16.30 I cannot delete my duplicate closing agent names from the 1099 Year End Maintenance module.

It may appear that your names are not deleted. Please be patient the list will eventually reduce.


16.31 When will I use the 1099-S menu options: Active Closing File and Year End Maintenance?

The 1099-S – Active Closing File module menu option is used to view a specific 1099 record for the file opened. The 1099-S – Year End Maintenance module menu option is used to view all 1099s created for a specific year.


16.32 How do I print a blank 1099-S form?

  1. From the 1099 module, click File and select the Print option. The print option window will appear.
  2. In the Record Range section, select Blank Form and click the ok button. This action allows you to print a blank 1099-S form (copy B, copy C or Both copies).

16.33 Is there a way to insert a blank form to be modified and electronically sent to the IRS?

  1. From the 1099 Year End Maintenance module, click the insert button located on the secondary row of buttons (2nd tool bar). The 1099 New Record window will appear. On this window, click the Blank Form button. You will now see the 1099 Blank Record window. Now answer the question that ask if you would like to associate this record with a specific closing agent name that has other 1099 records associated with it. If yes, select the closing agent name from the list. If no, manually enter the closing agent required information. Once this is complete, click the ok button. The new blank record will now be displayed for manual entry.

16.34 What is the difference between: 1099-S copy B and 1099-S copy C?

1099-S copy B is for the 'transferor' and copy C is for the 'filer'.


16.35 I need to file a 1099-S Copy A form. How do I access this in DoubleTime?

Although data contained in Copy A of the 1099-S form is stored inside DoubleTime, the Copy A form is not accessible within DoubleTime. Please contact the IRS for the alternative form since the IRS now processes paper forms by machine (optical character recognition equipment): https://www.irs.gov.

DoubleTime Video icon
Creating a 1099-S


16.36 What is the difference between: Original, Test, Replacement?

  1. Original file – select this option when you are ready to create your IRSTAX form and upload it to the IRS.
  2. Test file – self-explanatory but rarely used.
  3. Replacement file – select this option when your original file has been rejected by the IRS and they are requesting a replacement file.

16.37 I need to do a correction to my IRS tax file and upload it to the IRS. Can you help me?

Corrections for one or a few 1099 records cannot be done in the DoubleTime program. In DoubleTime, you can only replace the entire IRSTAX file. Please contact the IRS for alternative methods since the IRS now processes paper forms by machine (optical character recognition equipment): https://www.irs.gov.


16.38 Does DoubleTime submit the 1099s to the IRS on my behalf?

No. DoubleTime does not submit your 1099s to the IRS. DoubleTime has a feature to easily create an end-of-year data file for all of the 1099s transactions which is saved to your computer. Once the file has been created, you can then electronically upload this file to the IRS via their website: https://fire.irs.gov.


16.39 In the DoubleTime Year End Maintenance Module, what is the Print box and Send IRS box used for?

When the ‘Print’ box is checked, this will print the 1099 record when you print the Year End Maintenance Summary report. When the ‘Send IRS’ box is checked, this indicates this 1099 record will be included in the data file that you will send to the IRS.


16.40 In the DoubleTime Year End Maintenance Module, how do I change the year displayed?

To change the year of data to create your report, click the change year button in the secondary row of buttons (2nd tool bar). You can now select the correct year and click the ok button.


16.41 How do I use DoubleTime to create 1099s? Where do I start?

  1. Step # 1) the 1099-S module is used to generate the IRS Form 1099-S Proceeds From Real Estate Transactions. This form reports to the Internal Revenue Service the sale or exchange of reportable real estate for each closing file. The form must be sent electronically to the IRS.

    Step # 2) to electronically file your 1099-S forms, you must request a Transmitter Control Code (TCC) from the IRS. Forms and publications may be ordered by calling toll-free at 800-829-3676 or downloaded from the IRS website at www.irs.gov.

    Step # 3) after receiving your 5-digit TCC number from the IRS, it must then be entered into DoubleTime. To do this, click Preferences and then Office settings. When the office settings menu appears, you will select the Office tab. In the Office tab, you will see a field that says TCC number. You will enter your number in the field. This is a one-time entry into Double Time and your office will continue to use this number from year to year.

    Step # 4) once you have entered majority of the closing information in DoubleTime, you can then create a 1099 for your closing file. To generate a 1099 in DoubleTime, you will click on the 1099 button in the primary row of buttons (1st tool bar). This will bring you to the 1099 module listing the 1099s in a single line summary display. To view the 1099 record, click the 1099 button on the secondary row of buttons (2nd tool bar). Once all the information has been entered, click the Save button. This record will now be a part of the Year End Maintenance Report to the IRS.

    Step # 5) DoubleTime does not submit your 1099s to the IRS. DoubleTime has a feature to easily create an end-of-year data file for all of the 1099s transactions which is saved to your computer. Once the file has been created, you can then electronically upload this file to the IRS via their website: https://fire.irs.gov.

    DoubleTime Video icon
    DoubleTime Introduction

16.42 In DoubleTime, Year End Maintenance Module, I only see 3 records listed for the year and there should be more?

You may have duplicate agent names that have 1099 records associated with them. This means the number 1099 records are not reflected accurately. This is a known issue with Double Time and can be resolved by accessing the 1099 Year End Maintenance module.

  1. Click the ‘agent’ icon on the secondary row of buttons (2nd tool bar).
  2. Under the Closing Agent Name column, delete the duplicate agent names by highlighting the name in the list and click the delete button on the right of the window.
  3. A 1099-S Closing Agent Association window will appear; please select a new agent name to associate the 1099 records for the deleted agent. When all duplicate agent names are removed, please try your task again.

16.43 Do my sellers need to sign the 1099 form prior to submitting my electronic file to the IRS?

No. The DoubleTime program is not designed to upload a signed copy of the 1099 records. The IRSTAX file generated from DoubleTime is accepted by the IRS. Please refer to IRS publications for more information: https://www.irs.gov.


16.44 My seller's SSN is not in the correct format on my 1099 record in DoubleTime.

Once the record is displayed, click Actions then highlight Seller TIN Type then select the appropriate option for the Transferor’s identification number field.

Displaying results 31-45 (of 51)
 |<  <  1 - 2 - 3 - 4  >  >|