When Are 1099s Due? IRS and Recipient Filing Deadlines

Form 1099s are information returns used to report various types of non-wage income to the Internal Revenue Service (IRS) and to recipients. These forms are important for tax compliance, ensuring income from non-employment sources is accurately reported. Understanding their specific deadlines is important for both payers, who issue the forms, and recipients, who use them to prepare tax returns. Proper and timely filing helps avoid potential penalties and facilitates a smoother tax reporting process.

Deadlines for Recipient Copies

The primary deadline for furnishing most 1099 forms to recipients is January 31 of the year following the calendar year in which the income was paid. Forms such as 1099-NEC for Nonemployee Compensation, 1099-MISC for miscellaneous income (without data in boxes 8 or 10), 1099-DIV for Dividends and Distributions, 1099-INT for Interest Income, 1099-R for Distributions From Pensions, and 1099-K for Payment Card and Third Party Network Transactions generally adhere to this January 31 deadline for recipient copies.

Specific exceptions to the January 31 deadline exist. For instance, Form 1099-B, which reports Proceeds From Broker and Barter Exchange Transactions, and Form 1099-S, for Proceeds From Real Estate Transactions, have a recipient deadline of February 15. Additionally, if Form 1099-MISC includes data in boxes 8 or 10, the deadline for furnishing the recipient copy is also February 15.

Deadlines for IRS Filings

The deadlines for filing 1099 forms with the IRS vary depending on the specific form and the method of filing, whether paper or electronic. For Form 1099-NEC, Nonemployee Compensation, the deadline for filing with the IRS is January 31, regardless of whether it is filed on paper or electronically.

For most other 1099 forms, including 1099-MISC (without data in boxes 8 or 10), 1099-DIV, 1099-INT, 1099-R, and 1099-K, the paper filing deadline with the IRS is February 28 of the year following the reporting year. If filing these forms on paper, Form 1096, Annual Summary and Transmittal of U.S. Information Returns, must accompany them as a summary sheet. When filing electronically, the deadline for these forms is extended to March 31.

Businesses are generally required to file 1099 forms electronically if they are submitting 10 or more information returns in a calendar year, aggregating all types of returns. This threshold applies to various forms, including W-2s and the 1099 series. If a business falls below this threshold, paper filing remains an option.

Important Deadline Rules and Exceptions

Several rules and exceptions can influence 1099 filing deadlines. A common rule is that if a deadline falls on a weekend or a legal holiday, the due date automatically shifts to the next business day. For example, if January 31 falls on a Saturday, the deadline would move to the following Monday.

Extensions for filing with the IRS are available for most information returns. Payers can request an automatic 30-day extension by filing Form 8809, Application for Extension of Time To File Information Returns, by the original due date of the forms. While this initial extension is generally automatic, a second 30-day extension may be granted under specific hardship circumstances, such as a catastrophic event or serious illness affecting the business operations.

It is important to note that an extension to file with the IRS does not extend the deadline for furnishing copies to recipients. Requests for an extension to provide recipient copies can be made by filing Form 15397, Application for Extension of Time to Furnish Recipient Statements, which provides a one-time extension of up to 30 days. This form must be filed by the original recipient due date to be considered.

Penalties for Late Filing

Failing to meet 1099 deadlines can result in penalties from the IRS. These penalties are often tiered, increasing based on how late the forms are filed. For instance, if a form is filed within 30 days after the due date, the penalty can be $60 per form, with varying maximums depending on the business size. If filed more than 30 days late but by August 1, the penalty generally increases to $130 per form.

For forms filed after August 1 or not filed at all, the penalty can be $330 per form, also with specific maximum limits. These penalties apply separately for failing to file with the IRS and for failing to furnish correct statements to recipients by the due date. This means a single missed form could incur two separate penalties.

In cases where the failure to file or furnish is due to intentional disregard of the rules, higher penalties can apply. For intentional disregard, the penalty is at least $660 per form, or 10% of the amount required to be reported, with no maximum limit.