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 › Understanding the 2024 Version of Form 1099-DIV
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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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.
Payers who fulfill one of the conditions below are required to file Form 1099-DIV:
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.
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.
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!
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.
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.
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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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.