Taxation and Regulatory Compliance

When Are 1099s Due? Key IRS and Recipient Deadlines

Master essential timelines for reporting non-employee payments and other income. Navigate your IRS and recipient reporting obligations to avoid issues.

Tax Form 1099s are information returns used by the Internal Revenue Service (IRS) to report various types of non-wage income paid to individuals and businesses throughout the year. These forms ensure that income not reported on a W-2, such as payments to independent contractors, interest, dividends, and certain other miscellaneous income, is properly accounted for. Both the payer and the recipient rely on these forms for accurate tax reporting. This article focuses on the specific due dates for filing 1099 forms for the 2024 tax season, which pertains to income earned during the 2023 calendar year.

Key 1099 Due Dates

1099 forms have general deadlines for furnishing copies to recipients and filing with the IRS. For the 2024 tax season, covering income earned in 2023, most 1099 forms are due to recipients by January 31, 2025, ensuring they have information for their tax returns. The IRS filing deadline varies by method: February 28, 2025, for paper copies and March 31, 2025, for electronic filing.

If any due date falls on a weekend or legal holiday, the deadline automatically shifts to the next business day. This adjustment accommodates federal holidays and ensures filers have adequate time.

Specific Form Requirements and Filing Methods

Specific 1099 forms have unique requirements and due dates, particularly regarding submission method. Form 1099-NEC, used for nonemployee compensation, has a distinct due date of January 31, 2025, for both recipients and IRS filing, regardless of paper or electronic submission. This accelerated deadline reflects its importance for income tax reporting.

Form 1099-MISC, which covers various miscellaneous income types like rents, royalties, and prizes, generally follows the January 31, 2025, recipient deadline. However, if specific amounts are reported in Box 8 (substitute payments in lieu of dividends or interest) or Box 10 (gross proceeds paid to an attorney), the recipient copy due date extends to February 18, 2025. For filing with the IRS, Form 1099-MISC is due February 28, 2025, for paper filers and March 31, 2025, for electronic filers.

Other common 1099 forms, such as 1099-INT (Interest), 1099-DIV (Dividends), and 1099-R (Pensions, Annuities, IRAs), require furnishing to recipients by January 31, 2025. The IRS filing deadlines for these forms are February 28, 2025, for paper submissions and March 31, 2025, for electronic submissions. For Form 1099-B (Broker and Barter Exchange Transactions), the recipient deadline is February 15, 2025, while the IRS e-filing deadline is April 1, 2025.

A significant change for the 2023 tax year (filed in 2024) is the reduced threshold for mandatory electronic filing. Businesses that file 10 or more information returns in a calendar year, aggregated across almost all types of returns (including W-2s and 1099s), are now required to file electronically. This is a substantial decrease from the previous threshold of 250 forms. This shift encourages electronic submission, which often provides a later deadline to the IRS compared to paper filing.

Requesting Filing Extensions

When faced with challenges in meeting the original filing deadlines, businesses can request an extension for submitting their 1099 forms to the IRS. This extension process is primarily for filing with the tax authority and generally does not extend the deadline for furnishing copies to recipients. The primary form used for requesting an extension of time to file information returns is Form 8809, Application for Extension of Time To File Information Returns.

Filing Form 8809 grants an automatic 30-day extension from the original due date, without requiring a specific reason, provided the form is submitted by the original due date. For most 1099 forms, this means filing Form 8809 by February 28, 2025, or March 31, 2025, depending on the original filing method. Extensions for Form 1099-NEC must be filed on paper.

A second 30-day extension may be possible by filing another Form 8809, but requires specific criteria like a catastrophic event or natural disaster. This additional extension is not automatic and requires a valid reason. This second extension is not available for Form 1099-NEC. If an extension is needed for furnishing recipient statements, a separate request using Form 15397 should be submitted.

Consequences of Late or Incorrect Filing

Failing to meet 1099 due dates or submitting incorrect information can result in IRS penalties. Penalty severity depends on how late forms are filed or corrected, and the error’s nature. For the 2023 tax year (filed in 2024), penalties for failure to file a correct information return or furnish a correct payee statement range from $60 to $310 per return.

Penalties for filing a correct form within 30 days after the due date are $60 per return, with a maximum of $630,500 for larger businesses and $220,500 for small businesses (those with average annual gross receipts of $5 million or less). If filed more than 30 days late but by August 1, the penalty increases to $120 per return, with maximums of $1,891,500 and $630,500, respectively. For forms filed after August 1, or not filed at all, the penalty rises to $310 per return, with maximums of $3,783,000 and $1,891,500, respectively.

Penalties also apply for errors like missing or incorrect taxpayer identification numbers (TINs). Intentional disregard of filing requirements results in a significantly higher penalty of $660 per return, with no maximum limitation. Penalties may be waived if the filer demonstrates reasonable cause, showing the failure was due to circumstances beyond their control and they acted responsibly.

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