Important Notice for Version X.4: Maintenance and Support for MRI Property Management version X.4 will end on December 31, 2022. Beginning with tax year 2022 MRI Software will release 1099 compliance updates on version X.5 only. For additional information, please review a list of frequently asked questions.
MRI Software versions X.126.96.36.199 and X.4.3.18 have an updated to allow printing 3 1099-NEC forms per page. This process will take advantage of existing setup, allowing the printing of amounts in box 1 on form 1099-NEC for any vendor with a payee type of vendor. All other payee types will continue to print in box 1 on the 1099-MISC form. Vendors marked as attorney fees vendors will print in box 10 on form 1099-MISC.
In preparation for these updates, please ensure the following steps have been taken:
- All vendors that should receive a 1099 are marked as 1099 vendors and they have the correct payee type or are marked as attorney fees vendors
- Expense accounts are marked as 1099 accounts
- 1099 payers have been set up. If setting up payers by entity/entity groups, make sure that all entities associated with a payer have been defined
Note: You can download an updated version of the 1099 preview listing from MAX that runs by 1099 type giving an accurate count of 1099-NEC and 1099-MISC forms. To do so, log in to the MyMRI client portal, click on MyMRI Tools then select MRI App Exchange. Search on 1099, download the 1099 Preview Listing by Type and apply it to your database like any other MAX application.