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Added: 01/17/03
Article ID#: K000138
Updated:  01/05/2009

Procedures for IRS 1099 Forms

• Use RDPWin's Reporter to print on pre-printed laser forms; or
• Use RDPWin's 1099 Electronic Filing.

Warning:  Verify all 1099 totals and make corrections BEFORE sending the completed forms to the IRS.  RDP strongly suggests you print and review 1099’s before producing an electronic 1099.  There are significant penalties for filing incorrect statements and RDP specifically disclaims any warranty for the accuracy of 1099 Statements. Please consult the IRS or your attorney for the correct filing procedure. 

Procedures for Reviewing and Printing 1099s

1. Update both RDP-DOS and RDPWin to the most recent version available before printing 1099's.
2. Enter property information (Table CZ) in RDPWin or RDP-DOS to properly complete the IRS forms.
3. Review 1099 totals.
4. Select between the two 1099 processes, and print the appropriate Review report.  Review it carefully (see warning).
5. Make any adjusting entries needed.
6. Reprint the report and review it AGAIN. 
7. Print the 1099 and 1042-S forms and review the actual printed ones.

File 1099s Electronically

All detail for the links in this step-by-step list can be reviewed in its entirety at File Owner 1099s Electronically.  If preferred, review each step below and follow the link provided for detail on that particular step.

1. From RDPWin's Owner main menu, select Electronic 1099.
2. Select Start - Owner from the Starting Owner drop-down field.
3. Select End - Owner from the Ending Owner drop-down field.
4. Select ALL - ALL from the Owner Type drop-down field.
5. Enter or confirm the property's Taxpayer ID# (TIN) (required field).
6. Enter the Transmitter Control Code (a five-character alpha/numeric code) obtained from the IRS directly.
7. Enter or confirm the property's contact information.
8. Click Save Property Info button to store this information to the CZ table.
9. Set Year to display the year for which the reports will be run.
10. Set minimum revenue.
11. Enter the Media Number.
12. Enter the Payer Name Control information.
13. Set the Owner Revenue Based On to either Accrual or Cash.
14. Select the Type of File.  If a replacement, the name is displayed on the form for confirmation.
15. Address any additional options (Test File, Foreign Entity, or Combined Federal/State Filer).
16. Click "Review 1099 Info" to create the text added into the file and display it (as read-only) in the text box. The property must scroll through the information and verify it is correct. If discrepancies are found, make changes to the Owner master in RDPWin or using RDP-DOS to change totals using "502 - Inquire on Owner History" from the Owner Master Menu (depending on what must be changed).  Once changes are complete, click the "Review 1099 Info" button again and re-verify the information.
17. Once review is complete (see warning), click "Save 1099 to File" to enter a location and file name and save the text displayed into a local file.  This file can then be uploaded to the IRS website at www.irs.gov.

Gross Rental Income Reported

For owner 1099 Statements, RDP reports GROSS RENTAL INCOME. For example, if an owner had $1000 in total room revenue and $400 in management commissions, $50 in travel agent commissions, and $200 in repair, the RDP1099 reports only the gross rental income of $1000.   

RDP customers are not responsible for reporting the total "profit/loss" of an owned unit.  It is the OWNER'S RESPONSIBILITY to track gross revenue and all expenses.  Most RDP customers cannot accurately report a unit's full "profit/loss" because certain expenses are unknown.  For example, if an owner flies to his condominium to paint the unit, the cost of that flight and the paint may be deductible expenses. However, the management company (i.e. - the RDP customer) does not know the cost of the flight or the paint.

When an owner completes IRS Schedule E, GROSS REVENUE must be reported less all expenses. Each expense is a line item. RDP reports gross revenue and the owner is responsible for reporting all expenses, i.e. - management fees, paint, airline tickets, etc.

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