1099 Forms Understanding the 2024 Version of Form 1099-DIV

Image of Form 1099-DIV 2023

The IRS uses Form 1099-DIV to report dividends and various distributions associated with stocks or mutual funds. It is generally filed by corporations and financial institutions, such as banks, with the IRS and distributed to the recipients. For a comprehensive understanding of how to submit Form 1099-DIV, continue reading.

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Common 1099-DIV Questions

What Exactly is IRS Form 1099-DIV?

Form 1099-DIV is an IRS document that shows dividends paid during a tax year by a domestic or eligible foreign corporation. If you have paid capital gain dividends, exempt-interest dividends, or other distributions over $10, you must submit Form 1099-DIV for that recipient. In addition, if you have withheld federal income taxes under the backup withholding rules or foreign taxes on dividends or paid $600 in liquidations, a Form 1099-DIV must be filed.

Who is Required to Submit Form 1099-DIV?

Payers who fulfill one of the conditions below are required to file Form 1099-DIV:

  • Payer paid dividends, including capital gain dividends, exempt-interest dividends, and other distributions on stock of $10 or more.
  • Payer withheld and remitted any foreign tax on dividends and other distributions on stock.
  • Payer withheld federal income taxes due to backup withholding rules.
  • Payer paid at least $600 as part of a liquidation process.

Click here for a deeper understanding of the Form 1099-DIV instructions.

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.

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 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
    Paper Filing

    Paper filing must be filed with the IRS on or before February 28th

  • April 1st, 2024

    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.

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 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 , 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 Now!

How Do You Submit Form 1099-DIV?

Payers obligated to submit Form 1099-DIV may opt to send physical copies to the IRS or choose to e-file. It's worth mentioning that the IRS highly recommends e-filing. When payers e-file, the IRS can process your forms more rapidly and update you promptly. Bear in mind that if you need to file 10 or more 1099-DIV forms with the IRS, e-filing is mandatory.

Import Your Form 1099-DIV Data

You can import your data as Excel, XML, or use files from popular payroll providers like QuickBooks, UKG, ADP, and many more.

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E-File & Mail Employee Copies

Once your data is loaded, you can e-file and distribute employee copies in minutes.

With our broad range of features, you can ensure your filing process is both efficient and secure. We offer in-built error checks against IRS business rules, multiple import options, and recipient copy solutions.

BoomTax supports the secure and accurate submission of Form 1099-DIV Forms to the IRS and State. We also provide solutions for the distribution of recipient copies electronically or physically.

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