When Are 1099 Forms Due? Key IRS Deadlines
Navigate essential IRS deadlines for 1099 forms. Understand key submission dates and extension rules to ensure timely tax compliance.
Form 1099s are information returns used by the Internal Revenue Service (IRS) to report various types of non-employment income paid to individuals or entities throughout the year. These forms are crucial for both the payer, who reports the income, and the recipient, who uses the information to accurately report their taxable earnings. Understanding the specific due dates for these forms is important for compliance and to avoid potential penalties.
Deadlines for Common 1099 Forms
The deadlines for furnishing 1099 statements to recipients and filing them with the IRS vary depending on the specific form and the method of filing. For many common 1099 forms, such as Form 1099-INT for interest income, Form 1099-DIV for dividends and distributions, Form 1099-R for retirement plan distributions, Form 1099-G for certain government payments, Form 1099-A for acquisition or abandonment of secured property, and Form 1099-C for cancellation of debt, the deadline to furnish the statement to the recipient is January 31. The IRS filing deadline for these forms, if paper-filed, is February 28. If filed electronically, the IRS deadline is March 31.
Form 1099-NEC, used for nonemployee compensation of $600 or more, has a distinct deadline. Both the recipient copy and the IRS filing, whether paper or electronic, are due by January 31.
Form 1099-MISC reports various miscellaneous income types, such as rents, royalties, and payments to attorneys. Recipients should receive their copies by January 31, with paper filing due to the IRS by February 28 and electronic filing by March 31. However, if specific payments are reported in Box 8 or Box 10 of Form 1099-MISC, the recipient deadline is extended to February 17, or February 18 if the 17th falls on a weekend.
Form 1099-K, used for payment card and third-party network transactions, has a recipient deadline of January 31. The IRS filing deadlines for Form 1099-K are February 28 for paper filing and March 31 for electronic filing. Form 1099-B, which reports proceeds from broker and barter exchange transactions, has a recipient deadline of February 17. The IRS filing deadlines for Form 1099-B are February 28 for paper and March 31 for electronic submission. Similarly, Form 1099-S, reporting proceeds from real estate transactions, requires recipient statements by February 17 and IRS filing by February 28 for paper or March 31 for electronic.
Understanding Due Date Variations and Extensions
If any deadline falls on a Saturday, Sunday, or a legal holiday, the due date is automatically extended to the next business day. This rule applies to both the deadlines for furnishing statements to recipients and for filing forms with the IRS.
Should a payer need additional time to file information returns with the IRS, an extension can be requested by submitting Form 8809, Application for Extension of Time To File Information Returns. This form allows for an automatic 30-day extension to file with the IRS. Obtaining an extension to file with the IRS does not extend the deadline for furnishing recipient copies of the 1099 forms. A separate request may be made to extend the time to furnish statements to recipients.
Failure to meet these deadlines can result in penalties. The IRS imposes penalties for not filing information returns on time, for not furnishing recipient statements by the due date, or for filing incorrect information. Penalties vary based on how late the forms are filed, ranging from approximately $60 per form if corrected within 30 days of the due date, to $310 per form if filed after August 1 or not at all. If the failure to file or provide correct statements is due to intentional disregard of the rules, the penalty can be significantly higher, potentially $660 or more per form, with no maximum limit.