What Is the Deadline for 1099s to Be Sent Out?

Form 1099 serves as a tax document used to report various types of income received outside of traditional employment wages. These forms cover payments such as income for independent contractors, interest earnings, dividend distributions, and proceeds from real estate transactions. For both the payer issuing the form and the recipient receiving the income, accurate and timely reporting is fundamental for proper tax compliance. Understanding the specific deadlines for these documents helps ensure that all parties fulfill their tax obligations appropriately.

General Deadlines for Common 1099 Forms

The deadlines for sending out and filing Form 1099 vary depending on the specific type of income being reported and the filing method. For Form 1099-NEC, which reports nonemployee compensation, the deadline to furnish the statement to the recipient and to file with the IRS is January 31st. This uniform deadline helps streamline the reporting process for independent contractor payments.

For most other common 1099 forms, such as 1099-MISC (miscellaneous income), 1099-INT (interest), 1099-DIV (dividends), and 1099-R (retirement plans), the deadline to provide the statement to the recipient is January 31st. The IRS filing deadlines for these forms are February 28th for paper submissions and March 31st for electronic submissions. Form 1099-S, which reports proceeds from real estate transactions, has a recipient deadline of February 15th, with IRS filing deadlines mirroring the February 28th (paper) and March 31st (electronic) schedule. If any of these deadlines fall on a weekend or a legal holiday, the due date automatically shifts to the next business day.

Consequences of Late Filing or Non-Filing

Failing to meet the deadlines for furnishing 1099 statements to recipients or filing them with the IRS can result in financial penalties. The Internal Revenue Service imposes tiered penalties based on how late the forms are submitted. For instance, if a form is filed within 30 days after the due date, the penalty is $60 per form.

The penalty increases if the delay extends further; filing more than 30 days late but by August 1st results in a penalty of $120 per form. If forms are filed after August 1st or not filed at all, the penalty rises to $310 per form. These penalties apply separately for failure to furnish a statement to a recipient and failure to file with the IRS.

There are also more significant penalties for intentional disregard of the filing requirements. If the failure to file or provide correct information is determined to be due to intentional disregard, the penalty is at least $630 per form, with no maximum limit. Strict adherence to the established deadlines is important to avoid substantial financial repercussions.

Requesting Extensions for Filing

Businesses and individuals can request an extension to file certain 1099 forms with the IRS. This is done by submitting Form 8809, Application for Extension of Time To File Information Returns. Filing this form grants an automatic 30-day extension to submit the information returns to the IRS.

To request this extension, filers can submit Form 8809 either on paper or electronically through the IRS’s FIRE (Filing Information Returns Electronically) system. It is important to submit Form 8809 before the original due date of the information return to ensure the extension is granted. An extension to file information returns with the IRS generally does not extend the deadline for furnishing statements to the recipients, with a notable exception being Form 1099-S where an extension can apply to recipient copies as well. An extension to file information returns does not extend the time to pay any associated taxes, though 1099 forms are primarily for reporting income, not for tax payments themselves.