When Are 1099s Due? Filing and Recipient Deadlines

Form 1099 is an information return reporting various types of income paid to non-employees. Businesses and individuals use these forms to inform the Internal Revenue Service (IRS) about payments made for services, rents, interest, dividends, and other income not reported on a W-2. These forms help the IRS track taxable income and ensure accurate tax reporting by both the payer and the recipient.

Common 1099 Forms and Their Due Dates

Different types of 1099 forms are used to report specific categories of income, and each carries distinct deadlines for both recipients and the IRS. Generally, if a due date falls on a weekend or legal holiday, the deadline shifts to the next business day.

Form 1099-NEC

The Form 1099-NEC reports nonemployee compensation. Payers must furnish Copy B of Form 1099-NEC to recipients by January 31. The deadline for filing Copy A of Form 1099-NEC with the IRS is also January 31, regardless of whether it is filed on paper or electronically.

Form 1099-MISC

Form 1099-MISC reports miscellaneous income, such as rents, royalties, and other income payments that are not nonemployee compensation. Recipients must receive Copy B of Form 1099-MISC by January 31. When filing Form 1099-MISC with the IRS, the deadline for paper filing is February 28, while electronic filing allows until March 31.

Form 1099-K

Form 1099-K reports payment card and third-party network transactions. Payment settlement entities are required to furnish Copy B of Form 1099-K to payees by January 31. The IRS filing deadline for Copy A of Form 1099-K is also January 31 for both paper and electronic submissions.

Form 1099-B

Form 1099-B reports proceeds from broker and barter exchange transactions. Brokers must send Copy B to recipients by January 31. The deadline for filing Copy A with the IRS is February 28 for paper filing and March 31 for electronic filing.

Form 1099-INT and Form 1099-DIV

Form 1099-INT reports interest income, and Form 1099-DIV reports dividends and distributions. For both of these forms, recipients should receive Copy B by January 31. The IRS filing deadline for Copy A of both Form 1099-INT and Form 1099-DIV is February 28 for paper filing and March 31 for electronic filing.

Form 1099-R

Form 1099-R reports distributions from pensions, annuities, retirement or profit-sharing plans, IRAs, and insurance contracts. Payers must provide Copy B to recipients by January 31. The deadline for filing Copy A with the IRS is February 28 for paper submissions and March 31 for electronic submissions.

Form 1099-G

Form 1099-G reports certain government payments, including unemployment compensation and state or local income tax refunds. Recipients should receive Copy B of Form 1099-G by January 31. The IRS filing deadline for Copy A is February 28 for paper filing and March 31 for electronic filing.

Form 1099-S

Form 1099-S reports proceeds from real estate transactions. Real estate closers are required to furnish Copy B to recipients by January 31. The IRS filing deadline for Copy A of Form 1099-S is February 28 for paper filing and March 31 for electronic filing.

Filing Methods for 1099s

After preparing 1099 forms, payers must ensure they are properly furnished to recipients and filed with the IRS. Furnishing copies to recipients can be done via mail or electronically. When mailing, forms should be sent by first-class mail and postmarked by the specified due date. Electronic delivery requires the recipient’s affirmative consent, allowing for efficient and timely distribution of the forms.

Filing with the IRS offers both paper and electronic options. For paper filing, businesses typically use Form 1096, which serves as an annual summary and transmittal form for all paper 1099s being sent to the IRS. The appropriate mailing address for paper submissions varies based on the payer’s location, and specific instructions are provided by the IRS.

Electronic filing is widely used and recommended for its efficiency and accuracy. The IRS operates the Filing Information Returns Electronically (FIRE) system for online submission. Electronic filing is mandatory for businesses filing 250 or more of any particular type of information return. This method can streamline the filing process and reduce common errors.

Requesting Filing Extensions

Circumstances may arise that prevent timely filing of information returns, and the IRS offers a mechanism for requesting extensions. Extensions are generally available for filing 1099 forms with the IRS, but typically not for furnishing copies to recipients. The deadline for providing forms to recipients generally remains fixed.

To request an extension for filing with the IRS, payers must submit Form 8809, Application for Extension of Time To File Information Returns. This form requests an automatic 30-day extension, which is typically granted without specific justification. The request must be filed by the original due date of the information return.

In some cases, an additional 30-day extension may be requested if extenuating circumstances prevent filing within the initial extension period. This second request is not automatic and requires a detailed explanation of the reasons for the delay. It is important to remember that an extension of time to file information returns does not extend the time to pay any associated taxes due, though 1099 forms primarily report income rather than tax liability.

Consequences of Not Meeting Deadlines

Failing to meet the prescribed deadlines for 1099 forms can result in penalties imposed by the IRS. Penalties apply for both late filing with the IRS and late furnishing of forms to recipients. These penalties are designed to encourage timely and accurate compliance with reporting obligations.

The amount of the penalty can vary based on how late the forms are filed or furnished. For instance, a lower penalty applies if forms are corrected or filed within 30 days of the due date. The penalty increases if forms are submitted more than 30 days late but by August 1, and even further if they are filed after August 1 or not at all. Penalties also apply for filing incorrect or incomplete information returns.

Timely receipt of 1099 forms is important for recipients. Delays in receiving these forms can impede a recipient’s ability to accurately and timely file their own income tax returns. This can lead to frustration for recipients and potentially incorrect tax reporting on their part.