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
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.
Important Form 1099 Updates for 2024 Tax Season
The IRS has dropped the E-file minimum threshold from 250 forms down to 10 forms for the 2023 tax year. This 10-form count is calculated across form types, not per information return type. For example, the employer must file 5 1099-NEC, 4 1099-MISC, and 3 1099-DIV for 12 forms. The employer must e-file or risk getting penalized.
The IRS has pushed back the implementation of the 1099-K lower threshold trigger. The lower filing trigger was a frequent topic that many individuals thought would be lowered for the 2024 tax season. However, this will not be the case to give third-party vendors time to update their systems and track transactions accurately. For the 2023 tax year, the requirements for receiving a 1099-K are transactions totaling over $20,000 or more than 200 total transactions. Individuals should expect the next filing year, 2025, to lower this threshold from $20,000 to only $600.
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.
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.
Is it necessary to file Form 1099 with the state?
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 new states have joined the IRS Combined Federal/State Program, Pennsylvania & District of Columbia.
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.
