EAP: 1099 NEC COPY B IS NOT SHOWING CORRECT AMOUNT IN BOX 7 FOR STATE INCOME
(Doc ID 2932798.1)
Last updated on MARCH 03, 2023
Applies to:PeopleSoft Enterprise FIN Payables - Version 9.2 to 9.2 [Release 9]
Information in this document applies to any platform.
1099 NEC COPY B is not showing correct amount in BOX 7 for State Income
1. Withholding Entity setup - IRS, on the 2nd tab Entity Fields - Supplier make sure State Income Tax Withheld and State Income required checkbox is checked.
Set Up Financials/Supply Chain > Product Related > Procurement Options >Withholding > Withholding Entities
2.Take an existing supplier for Setid SHR03 - Supplier - 0000000001
Suppliers > Supplier Information Add/Update > Add/Update Supplier
Mark the supplier Setid SHR03 - Supplier - 0000000001 as Withholding
3. On the Global/1099 Withholding - fill in the withholding information - make sure the withholding type is 1099N
4. In the Additional Info Tab- State Income Tax Withheld ($700) and State Income ($40000) is populated
5. Check the data in the PS_VENDOR_WTHD to verify
6. Suppliers > 1099/Global Withholding > Maintain > Adjust Withholding
Enter a Withhold Adjustment entry for Supplier - 0000000001
7. Check data in the ps_wthd_trxn_tbl
select * from ps_wthd_trxn_tbl where vendor_id = '0000000001'
8. Run 1099 Job
Suppliers > 1099/Global Withholding > 1099 Reports > Withhold 1099 Report Job
9. Copy B shows- Box 1 as $800 (adjustment basis amt ), State Tax Withheld $700 (as per Supplier setup- State Income Tax Withheld) but the State Income field - box 7 is not populated.
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