1099s and 1042s

For USA users, CiiRUS can automatically generate 1099 and 1042 forms that are required by the IRS for the homeowners.

These forms are based off of the rental income applied to the owner's account for the given year. Only owners that have made more than $600 in the given year will be required to have a form.

Overview

To access the 1099s or 1042s, go to:

  1. Accounting Functions
  2. Tax Reports/Processing

1099 & 1042 Settings

Before the forms can be generated, the general settings must be configured. To access the settings, click on the "1099 & 1042 Settings" tab:

The table displays each owner in the system to verify that their contact information and address is correct.

It is important to specify the "Country" within the country column so the system knows to generate a 1099 or 1042. Owners in the US will be allocated a 1099 form, while international owners will be allocated a 1042 form.

Within the settings tab, enter the Property Manager's Tax ID number within the "Your Tax ID" field:

1099 & 1042 Reports

To generate the forms, click on the "1099 & 1042 Reports tab:

First, specify the report year. For instance, to generate the form for last year, select "2020" from the drop-down:

The table below will load all owners where a form is required, either a 1099 or 1042. To filter by a specific form type, select it from the "Form Type" field:

See the property, owners name, the percentage of the property that they own, address, form type, and the total rental income for the given year.

Keep in mind, only owner's that have been credited at least $600 on their account require a form. If the owner has been credited less than $600, they will not appear in this list. For more details about this, please click here to visit the IRS Website.

The rental income is calculated based on what has been applied and categorized as rental income in the Owner's Account. For example, any transaction with "Rental Income" as the category will be included on the form.

The rental income can be overridden to display on the reports. To do so, enter the new amount within the "Override Amount" column:

Generate the 1099

For US owners, the system will generate a 1099.

The 1099 form must be printed onto a blank 1099 template supplied by the IRS. This is why CiiRUS only prints the form's text with no borders, cells, or headings.

To load the report,

  1. Select "1099" from the Form Type field and "Refresh"
  2. Select the applicable owners
  3. Click "Print"

To preview the form on the report, click the checkbox "Preview form?" before clicking print:

A new tab in the browser will open with the 1042 form. Each owner has their own form which is displayed on a single page. To toggle through the pages, use the "right-arrow" to go onto the next page:

Insert the blank 1099 forms into the printer, and then click the "Print" icon to print the data onto the form:

Generate the 1042

For international owners, the system will generate a 1042. Unlike the 1099, the form can be printed entirely from the system.

To load the report,

  1. Select "1042" from the Form Type field and "Refresh"
  2. Select the applicable owners
  3. Click "Print"

A new tab in the browser will open with the 1042 form. Each owner has their own form which is displayed on a single page. To toggle through the pages, use the "right-arrow" to go onto the next page:

Click the "Print" icon to print the forms:

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