After the deadline, but within 30 days
$60 per form
After 31 days - August 1st
$120 per form
After August 1st, or not at all
$310 per form
Intentionally not filing
$630 per form
The Form 1099 series consists of various forms called "Information Returns" by the IRS. These forms report specific payments a business makes to anyone other than a regular employee during the year. Examples include:
While the IRS does add or remove forms year to year, there are around twenty different types of Form 1099s. Most recent, including Form 1099-NEC, Form 1099-MISC, Form 1099-INT, Form 1099-K, etc. Each 1099 tax form is known to report various income types or transactions made to taxpayers during the year. Some of the most common 1099s include:
IRS Form 1099-NEC is utilized by individuals or businesses to document payments of $600 or more made to non-employees, such as self-employed workers, freelancers, or independent contractors, during a calendar year.
Form 1099-MISC is well known for its popularity in reporting specific Miscellaneous payments made to non-employees for the services provided during the calendar year.
Form 1099-K is a tax return document issued by the IRS, which payment settlement entities use to report commercial payments of $600 or more made to individuals or businesses via payment cards (credit/debit cards) or third-party network transactions (such as PayPal or Venmo), irrespective of the total number of transactions within a calendar year.
Form 1099-INT is utilized to report interest income and must be filed by the payer if they have paid $10 or more in interest.
Form 1099 DIV documents dividends and distributions paid to individuals based on their investments. Banks and financial institutions commonly use this form.
Additional 1099 forms include Form 1099-R for reporting distributions from retirement plans, Form 1099-S for real estate transactions, Form 1099-B for broker and barter exchange transactions, Form 1099-C for canceled debts, Form 1099-G for government payments, and Form 1099-PATR for cooperative dividends.
IRS Form 1099-R reports distributions of at least $10 from retirement plans, annuities, pensions, or other profit-sharing arrangements, providing information on the amounts received by an individual during the tax year.
Form 1099-S reports the proceeds from real estate transactions and reports the sales or exchange of real estate.
Form 1099-B reports the proceeds from the broker and barter exchange transactions. The recipients include each person to whom the recipient sold the stocks or commodities for cash. In addition, Form 1099-B reports stock acquisition of control or capital structure changes.
Lenders that have canceled an individual's $600 or more debt during a tax year must file Form 1099-C with the IRS and provide copies to the debtor.
Federal, state, and local governments that issue payments to individuals—such as unemployment benefits, income tax credits, refunds or offsets, RTAA payments, taxable grants, and agricultural subsidies—must submit Form 1099-G.
Cooperatives must file Form 1099-PATR if they have distributed at least $10 in patronage dividends or any disbursements specified in section 6044(b). Additionally, they must report any federal income taxes withheld under the backup withholding rules on Form 1099-PATR.
Boomtax makes our year end reporting so much easier! They are easy to work with and customer support is always there to help us...
from New Jersey
BoomTax was incredibly helpful to our company who had to generate 500 forms. The process was easy and when I needed help I always received a quick response.
Here's what I like most... customer support. When I've had problems with our file being accepted I ALWAYS get a fast response with a helpful answer.
If you need more time to file your Form 1099 online, request an extension using Form 8809. Pending the IRS approves your request, employers are granted an additional 30 days to file 1099s with the IRS. Under the current specifications, automatic extensions do not apply to Form 1099-NEC non-employee compensation. To request an extension for Form 1099-NEC, payers must manually fill out Form 8809 and mail in an extension request to the IRS address on the form.
Form 1099s must be distributed to the recipient on or before January 31st
Paper filing must be filed with the IRS on or before February 28th
Form 1099s must be e-filed directly to the IRS on or before April 1st
Visit our deadlines article to learn more about Form 1099 due dates.
Note: If the filing deadline lands on a Saturday, Sunday, or legal holiday, the due date will automatically be extended to the following business day.
The exception to these deadlines above is for filing Form 1099-NEC. Depending on the filing method, there is a month's advancement on the recipient and IRS copies being January 31st. Get started with BoomTax and file your 1099 with the IRS, state, and mail recipient copies on time. Get Started Now
If you find errors after filing your 1099 return with the IRS, promptly correct the information and submit the corrected Form 1099 and Form 1096 to the IRS. Also, provide your recipient with an updated 1099 showing the updated details. If you need to correct any state or local tax department information, file the form with the appropriate agencies, not the IRS.
Certain states require the filing of Form 1099 to report state withholding. The specific requirements for submitting Form 1099 to your state vary, depending on the state. Once you've fulfilled your state's requirements, your 1099 filing is considered complete.
Please visit the State Filing Requirements to verify your state's filing requirements.
For the 2023 tax season two states have joined the IRS Combined Federal/State Program, Pennsylvania & District of Columbia.
Each Form 1099 has five different copies with their specific purpose:
IRS copy for paper filing.
Filed with the State Tax Department.
Recipient state copy used for state income tax reporting.
Payer's copy for their records.
Get started with BoomTax, and file your 1099 tax forms with federal/state and mail recipient copies from one place. BoomTax will never remove past years' filings, and you can continue to make corrections at any time, no matter the year. File my 1099 directly to the IRS Now!
Suppose you have any mistakes on your previously submitted Form 1099. In that case, rectifying them, submitting an amended form to the IRS, and providing the updated forms to the recipient is essential.
Employers can address two distinct types of errors in Form 1099 corrections, Type 1 and Type 2:
Type 1 errors involve:
Type 2 errors involve:
You must file Form 1096 with the corrected return unless you're filing the correction electronically.
Ready to file your 1099 correction electronically? Get started with BoomTax and auto-generate Form 1096 for your records at no extra cost. With BoomTax, you can also send the corrected copies to your recipient.
To correct payer information on Form 1099, send a written statement to the IRS with the following details:
To the address:
Internal Revenue Service
230 Murall Drive
Kearneysville, WV 25430
You can import your data as Excel, XML, or use files from popular payroll providers like QuickBooks, UKG, ADP, and many more.
We walk you through the process with no complicated jargon. You can also live chat with a real person as you work on your filing for hands-on help.
Once your data is loaded, you can e-file and distribute employee copies in minutes.
There is no additional fee for filing prior-year 1099 tax forms with BoomTax; you can e-file at the same affordable rate as current-year forms.
Takes Only 30 Seconds
Failing to file Form 1099 by the deadline or meeting the deadline but providing incorrect recipient information can result in IRS penalties ranging from $60 to $630, depending on how late the form is submitted. The IRS has increased the penalty amounts for the 2024 filing year.
1099 penalties may be subject to the following:
The IRS is accustomed to changing rules year-to-year, sometimes even in the middle of the current tax season! This is why having the most accurate information about the IRS requirements and deadlines for filing any Form 1099 is essential. Use reliable tax software to e-file your forms and stay updated on any changes in regulations or deadlines.
Purchasing any BoomTax package will give you everything you need to complete your filing.
Import many companies in one spreadsheet to simplify data input.
We validate your data against hundreds of IRS rules.
No IRS registration or testing required.
Make as many changes as needed for free.
BoomTax and its affiliates do not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors prior to engaging in any transaction.