Deadline to File
The deadline to file 1099 Forms is different for each variation. While some of the forms must be filed before February 28th to the IRS, some have a further deadline than that. Regardless of the variation of Form 1099 you’re obligated to file, it must be filed before the due date. The penalty for missing the deadline is the same for every 1099.
If Forms 1099 isn’t filed before the deadline, the minimum penalty is $50. This is for Forms 1099 that are filed 30 days after the deadline. If Form 1099 isn’t filed after the 30 days but filed before August 1st, then the penalty is $110. For Forms 1099 filed after August 1st, the penalty increases to $270. If Form 1099 isn’t filed at all and intentionally ignored to file, the penalty increases to $550. The penalty amounts shown above are per 1099 that is late.
Below, you can see the deadline to file each Form 1099.
|Form||Deadline to file for recipients||Deadline to file the IRS (mail)|
|1099-MISC||January 31, 2021||January 31, 2021|
|1099-INT||January 31, 2021||February 28, 2021|
|1099-DIV||January 31, 2021||February 28, 2021|
|1099-R||January 31, 2021||February 28, 2021|
|1099-K||January 31, 2021||February 28, 2021|
|1099-PATR||January 31, 2021||February 28, 2021|
|1099-S||February 15, 2021||February 28, 2021|
|1099-B||February 15, 2021||February 28, 2021|
Keep in mind that you must file Form 1096 for every 1099 you’re filing. This is done to report it to the IRS. For example, if you’re filing Form 1099-MISC, you must file Form 1096 to report this to the IRS. This goes for every 1099 you’re filing. So if you’re going to file a total of 10 Forms 1099-MISC, there must be a total of 10 Forms 1096. Having said that, make sure to file Forms 1096 to the IRS before the above deadline.
As for the electronic filing deadline with the IRS e-File, it is March 31st for all Forms 1099— including the ones that are not in the table above. The penalties will also begin even if you furnish the recipient but not the IRS. As long as you don’t file the copies to both the recipient and the IRS, you will still be subject to late penalties.