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
1099 Forms › Form 1099-NEC, MISC, INT, and DIV Penalties for 2024
All Features Included
Purchasing any BoomTax package will give you everything you need to complete your filing.
This includes:
- Federal E-File
- State E-File
- Recipient Copy Download as PDF
- Official IRS Copy Download as PDF
- Unlimited Corrections
1099 Bulk Import
Import many companies in one spreadsheet to simplify data input.
Data Validation
We validate your data against hundreds of IRS rules.
Hands Off E-File
No IRS registration or testing required.
Free Corrections
Make as many changes as needed for free.
Penalties for Form 1099
You might incur a penalty if you neglect to provide the recipient with a Form 1099. The penalty amount will depend on when you submit the correct information return or deliver the right payee statement. If you fail to correctly submit Form 1099 to the IRS or neglect to provide the Form 1099 to the recipient, you could be liable for two distinct penalties.
What are the Circumstances for a Form 1099 Penalty?
The IRS applies penalties if 1099 recipient copies aren't distributed by the deadline. When e-filing your 1099 Forms, you don't need to include Form 1096. However, if you file your 1099 Forms in paper format, you may face a penalty for not including your 1096 Form when mailing all forms to the IRS.
Penalties may apply if you neglect to submit 1099 Forms by the stipulated deadline and can't provide a valid reason. You could face penalties if you:
- Miss the submission deadline
- Do not include all necessary information in your 1099 Forms
- Submit forms with inaccurate information
- Submit paper forms when required to e-file
- Submit an incorrect Tax Identification Number (TIN)
- Omit a TIN, or
- Submit paper 1099 Forms that can't be machine-read
Additional penalties may apply if you provide incomplete or inaccurate statements. It's possible to avoid penalties if you demonstrate a reasonable cause, but the IRS must approve this. A separate penalty may also apply if you fail to deliver 1099-NEC/MISC statements to payees timely. The penalty amount depends on when you provide the correct statement.
What is the Penalty for Missing Form 1099 Deadline?
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:
- Furnishing incorrect information on a return
- Failure to provide the required information
- Late filing of returns
- Paper filing when required to file electronically (E-file 1099 if you have 10 or more information returns)
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.
What are the 1099 Deadlines for 2024?
-
January 31st, 2024
Recipient Copies
Form 1099s must be distributed to the recipient on or before January 31st
-
February 28th, 2024
-
April 1st, 2024
E-File
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.
What is the deadline for filing Form 1099-NEC with the IRS?
-
January 31st, 2024
Recipient Copies/Paper/E-file
Form 1099s must be distributed by the employer to the recipient on or before January 31st
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.
Visit our deadlines article to learn more about Form 1099 due dates.
Most states also have a filing deadline of January 31st, but some may vary. View our state deadlines post to learn more about the state filing deadlines.
What are the different Form 1099 Copies?
Each Form 1099 has five different copies with their specific purpose:
Copy A
IRS copy for paper filing.
Copy 1
Filed with the State Tax Department.
Copy B
Recipient copy.
Copy 2
Recipient state copy used for state income tax reporting.
Copy C
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!
What are the Types of 1099 Corrections?
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
Type 1 errors involve:
- Reporting inaccurate payment amounts
- Utilizing incorrect codes
- Not filing for the appropriate recipient
Type 2
Type 2 errors involve:
- An omitted or incorrect payee TIN
- An omitted or incorrect payee Name
- Filing the return using an improper form
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.
Where to mail the physical 1099 Form?
Location of the principal business, office, agency, or residence of an individual
| Alabama | Arizona | Arkansas | Delaware |
| Florida | Georgia | Kentucky | Maine |
| Massachusetts | Mississippi | New Hampshire | New Jersey |
| New Mexico | New York | North Carolina | Ohio |
| Texas | Vermont | Virginia |
Internal Revenue Service Austin Submission Processing Center
P.O. Box 149213
Austin, TX 73301
P.O. Box 149213
Austin, TX 73301
| Alaska | Colorado | Hawaii | Idaho | Illinois | Indiana |
| Iowa | Kansas | Michigan | Minnesota | Missouri | Montana |
| Nebraska | Nevada | North Dakota | Oklahoma | Oregon | South Carolina |
| South Dakota | Tennessee | Utah | Washington | Wisconsin | Wyoming |
Department of the Treasury, Internal Revenue Service Center
P.O. Box 219256
Kansas City, MO 64121-9256
P.O. Box 219256
Kansas City, MO 64121-9256
| California | Connecticut | District of Columbia | Louisiana |
| Maryland | Pennsylvania | Rhode Island | West Virginia |
Department of the Treasury Internal Revenue Service Center
1973 North Rulon White Blvd.
Ogden, UT 84201
1973 North Rulon White Blvd.
Ogden, UT 84201
If your legal residence, principal place of business, or principal office or agency is outside the United States.
Internal Revenue Service Austin Submission Processing Center
P.O. Box 149213
Austin, TX 73301
P.O. Box 149213
Austin, TX 73301
Important Notes:
- The IRS encourages filers to electronically file 1099 for prompt processing and immediate IRS confirmation. Make the Switch to E-filing Today!
- If you file 1099 Forms on paper, they must be submitted with a summary Form 1096.
- For filing year 2024 the IRS has reduced the e-file threshold limit to 10 forms
Utilizing an e-file provider allows you to effortlessly E-file 1099 Forms with the IRS and state agencies and distribute recipient copies via mail or secure online access. Affordable, competitive pricing is available without the hidden costs and inefficiency of paper filing. Check out the pricing options.
E-filing vs. Paper Filing
- Immediate real-time IRS updates
- File 1000s of forms easily at once
- Validates 1000s of IRS rules
- Can help with questions in real-time in chat
Paper Filing
- It can take weeks to hear a status update
- Requires unique red ink form
- Prone to human error
- No expert to help with questions
Note: IRS recommends that payers utilize the e-file option over paper filing for faster processing.
How to File an Extension For Form 1099 in 2024?
A 30-day extension to file Form 1099 is available by submitting IRS Form 8809. This form should be submitted to the IRS before the form deadline, and approval is typically automatic.
Takes Only 30 Seconds
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.
