Additional 1099 Forms with Upcoming Deadlines: Preparing Your Business
While we collectively breathe a sigh of relief having navigated the process of filing and/or distributing Forms 1099-NEC, W-2, and others with the IRS by January 31st, there are additional still 1099 deadlines on the horizon!
Now is the opportune moment to assess these impending filing dates, ensuring your business is well-informed about any upcoming requirements and that you have gathered all necessary information for a seamless filing process.
In this blog post, we will delve into the upcoming deadlines for various 1099 forms, outline their requirements, and guide you on initiating the process with TaxBandits.
Which 1099 Forms have Upcoming Deadlines?
The 1099 series of forms is expansive, as it is utilized to report a diverse array of payments that business entities experience during the tax year and need to report to the IRS. The following 1099 Forms must be e-filed with the IRS by April 1, 2024.
- Form 1099-R
- Form 1099-S
- Form 1099-B
- Form 1099-INT
- Form 1099-K
- Form 1099-C
- Form 1099-SA
- Form 1099-OID
- Form 1099-PATR
- Form 1099-G
- Form 1099-Q
- Form 1099-DIV
- Form 1099-MISC
- Form 1099-A
- Form 1099-LTC
What Information is Reported on each of these 1099 Forms?
Each 1099 Form serves a distinct purpose; some have broad applicability across various businesses, while others are highly specific and mandated only in particular circumstances. Below is a brief overview of each form, along with its respective deadlines.
Form 1099 R
Form 1099-R is titled, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. As its name implies, it is generally used for reporting information related to retirement benefits.
This is typically filed by business entities that administer retirement plans and accounts and distribute payments to the account holders. This form is usually used to report the payment amounts that are distributed during the tax year.
While January 31, 2024, was the deadline to distribute copies of Form 1099-R to recipients, the deadline to e-file these forms with the IRS is coming up on April 1, 2024.
Form 1099-S
Form 1099-S is officially titled Proceeds From Real Estate Transactions. This form is used to report the sale and/or transfer of real estate property that takes place during the tax year.
This form is typically filed by the individual who was responsible for closing the real estate transaction. This is often one of the party’s attorneys, the broker or mortgage lender, or even an escrow company with the most significant role in disbursing the gross proceeds.
The deadline to furnish recipients with copies of Form 1099-S was February 15, 2024. The deadline for e-filing these forms with the IRS is April 1, 2024.
Form 1099-B
Form 1099-B is titled Proceeds from Broker and Barter Exchange Transactions by the IRS. This form is typically used to report proceeds from broker or barter transactions for the sale of stocks, bonds, commodities, mutual funds, securities, etc.
Brokers file this to report information about the investment or transaction and are responsible for furnishing their clients with a copy.
The deadline to furnish recipients with copies of Form 1099-B was February 15, 2024. The deadline for e-filing these forms with the IRS is April 1, 2024.
Form 1099-INT
Form 1099-INT is titled Interest Income by the IRS. This form is generally used to report interest income earned from various sources, such as savings accounts, certificates of deposit, and other interest-bearing investments.
Financial institutions and other entities that pay interest to individuals must file Form 1099-INT to report the interest income, and they are responsible for providing a copy to the recipients.
The deadline to furnish recipients with copies of Form 1099-INT was January 31, 2024. The deadline for e-filing these forms with the IRS is April 1, 2024.
Form 1099-K
Form 1099-K is titled Payment Card and Third-Party Network Transactions by the IRS. This form is commonly used to report income received through payment card transactions and third-party network transactions, such as those facilitated by online platforms.
Entities that process these transactions and meet certain reporting thresholds are required to file Form 1099-K to report the income, and they are responsible for providing a copy to the individuals involved.
The deadline to furnish recipients with copies of Form 1099-K was January 31, 2024. The deadline for e-filing these forms with the IRS is April 1, 2024.
Form 1099-C
Form 1099-C is titled Cancellation of Debt by the IRS. This form is used to report the cancellation or forgiveness of a debt, which may result in taxable income for the debtor.
Financial institutions and other entities that discharge a debt of $600 or more are required to file Form 1099-C to report the canceled amount, and they must provide a copy to the debtor.
The deadline to furnish recipients with copies of Form 1099-C was January 31, 2024. The deadline for e-filing these forms with the IRS is April 1, 2024.
Form 1099-SA
Form 1099-SA is titled Distributions From an HSA, Archer MSA, or Medicare Advantage MSA by the IRS. This form is utilized to report distributions from Health Savings Accounts (HSAs), Archer Medical Savings Accounts (MSAs), or Medicare Advantage MSAs.
Institutions administering these accounts are required to file Form 1099-SA to report the distributions, and they must provide a copy to the account holder.
The deadline to furnish recipients with copies of Form 1099-SA was January 31, 2024. The deadline for e-filing these forms with the IRS is April 1, 2024.
Form 1099-OID
Form 1099-OID is titled Original Issue Discount by the IRS. This form is used to report the amount of the original issue discount (OID) taxable to the bondholder or certificate holder.
Entities that are issuers of debt instruments with an OID of $10 or more are required to file Form 1099-OID to report this information, and they must provide a copy to the bondholder or certificate holder.
The deadline to furnish recipients with copies of Form 1099-OID was January 31, 2024. The deadline for e-filing these forms with the IRS is April 1, 2024.
Form 1099-PATR
Form 1099-PATR is titled Taxable Distributions Received From Cooperatives by the IRS. This form is used to report taxable distributions received from cooperatives, including agricultural and horticultural cooperatives.
Cooperatives that make distributions of $10 or more in patronage dividends, per-unit retain allocations, or other distributions to patrons must file Form 1099-PATR to report this information. They are also required to provide a copy to the patrons.
The deadline to furnish recipients with copies of Form 1099-PATR was January 31, 2024. The deadline for e-filing these forms with the IRS is April 1, 2024.
Form 1099-G
Form 1099-G is titled Certain Government Payments by the IRS. This form is used to report various government payments, such as unemployment compensation, state or local income tax refunds, and agricultural subsidy payments.
Government agencies and entities that make these payments of $10 or more are required to file Form 1099-G to report the information, and they must provide a copy to the recipient.
The deadline to furnish recipients with copies of Form 1099-G was January 31, 2024. The deadline for e-filing these forms with the IRS is April 1, 2024.
Form 1099-Q
Form 1099-Q is titled Payments From Qualified Education Programs (Under Sections 529 and 530) by the IRS. This form is used to report distributions from qualified education programs, such as Coverdell Education Savings Accounts (ESAs) and Qualified Tuition Programs (QTPs or 529 plans).
Entities administering these education savings programs are required to file Form 1099-Q to report the distributions, and they must provide a copy to the account holder or beneficiary.
The deadline to furnish recipients with copies of Form 1099-Q was January 31, 2024. The deadline for e-filing these forms with the IRS is April 1, 2024.
Form 1099-DIV
Form 1099-DIV is titled “Dividends and Distributions” by the IRS. This form is used to report dividends and other distributions to investors from various types of investment securities, such as stocks and mutual funds.
Entities that pay dividends or other distributions of $10 or more during the tax year are required to file Form 1099-DIV to report this information, and they must provide a copy to the recipients.
The deadline to furnish recipients with copies of Form 1099-DIV was January 31, 2024. The deadline for e-filing these forms with the IRS is April 1, 2024.
Form 1099-MISC
Form 1099-MISC is titled Miscellaneous Income by the IRS. This versatile form is used to report various types of income, including non-employee compensation, rent, royalties, and other miscellaneous income.
Entities that make payments of $600 or more for services performed by someone who is not an employee, as well as other types of income, are required to file Form 1099-MISC. They must provide a copy to the recipient.
The deadline to furnish recipients with copies of Form 1099-MISC was January 31, 2024. The deadline for e-filing these forms with the IRS is April 1, 2024.
Form 1099-A
Form 1099-A is titled Acquisition or Abandonment of Secured Property by the IRS. This form is used to report the acquisition or abandonment of secured property that is owned by a borrower.
Entities that are lenders or financial institutions involved in foreclosure proceedings or similar transactions must file Form 1099-A to report the details of the acquisition or abandonment of the secured property. They are also required to provide a copy to the borrower.
The deadline to furnish recipients with copies of Form 1099-A was January 31, 2024. The deadline for e-filing these forms with the IRS is April 1, 2024.
Form 1099-LTC
Form 1099-LTC is titled Long-Term Care and Accelerated Death Benefits by the IRS. This form is used to report payments received under a long-term care insurance contract, including accelerated death benefits.
Insurance companies or entities providing long-term care benefits are required to file Form 1099-LTC to report the payments, and they must provide a copy to the insured individual or policyholder.
The deadline to furnish recipients with copies of Form 1099-LTC was January 31, 2024. The deadline for e-filing these forms with the IRS is April 1, 2024.
Meet the 1099 E-filing Deadlines with TaxBandits!
As the March 31, 2024 deadlines for filing Forms 1099 approach, choosing TaxBandits for your e-filing needs is not just about meeting requirements – it’s about embracing efficiency and peace of mind.
Picture a streamlined process that transforms the daunting task of filing into a breeze, allowing you to navigate tax season with confidence.
With TaxBandits, you’re not just meeting deadlines; you’re conquering them. Enjoy the ease of a user-friendly platform, accurate calculations, and the satisfaction of knowing your filings are in expert hands.
In addition to e-filing 1099 Forms with the IRS and state, you can distribute copies to your recipients. Even though the deadlines to furnish form copies have passed for the 1099 Forms we’ve discussed in this blog post – this is still an important component of the filing process! Your business is still required to distribute copies and TaxBandits offers easy and affordable solutions for this. Choose from Postal Mailing or Online Access options to meet your IRS requirements.
Ready to begin the filing process with TaxBandits? Create your free account today!
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