Form 1099 and W-2 E-filing are Now Available for the 2024 Tax Year with TaxBandits

You can now start e-filing 2024 Forms 1099 and W-2 for your business or clients!

Stephanie Glanville | October 23, 2024 | Read time: 8 minute(s) | Form 1099 Series, TaxBandits Features, W-2 Forms | No Comments

As we gear up for the 2024 tax season, we’re excited to announce that year-end forms, such as the 1099 and W-2, are now available to e-file in TaxBandits earlier than ever! Small business owners, tax professionals, and payroll providers can start preparing to pre-file these essential forms to ensure compliance.

With tax season quickly approaching, it’s the perfect time to begin the process. To make your e-filing experience smoother and more secure, TaxBandits has introduced the latest updates and enhanced features. This year, we offer early access for filing, aiming to simplify the entire process for your business or your client’s business who needs to file for the 2024 tax year.

1099 and W-2 Forms for the 2024 Tax Year – An Overview

Businesses must file Form 1099 and W-2 at the end of the year to report various payments made to employees and independent contractors.

1099 Forms: Form 1099 consists of a series of IRS tax forms used to report various types of income paid to individuals or entities that are not considered employees. For instance, if a business pays a contractor or vendor $600 or more during the year, you must issue Form 1099-NEC.

1099 Deadlines for Tax Year 2024

The deadline to furnish recipient copies for most 1099 forms is January 31, 2025. The e-filing deadline for Form 1099-NEC is also January 31, 2025, while the deadlines for e-filing other types of 1099 forms vary. TaxBandits supports all of the following 1099 forms:

1099-NEC – Non-Employee Compensation
1099-MISC – Miscellaneous Income
1099-K – Payment Card and Third-Party Network Transactions
1099-R – Distributions from Pensions, Annuities, Retirement, or Profit-Sharing Plans
1099-S – Proceeds from Real Estate Transactions
1099-B – Proceeds from Broker and Barter Exchange Transactions
1099-G – Certain Government Payments
1099-C – Cancellation of Debt
1099-Q – Payments from Qualified Education Programs
1099-SA – Distributions from an HSA, Archer MSA, or Medicare Advantage MSA
1099-INT – Interest Income
1099-DIV – Dividends and Distributions
1099-OID – Original Issue Discount
1099-PATR – Taxable Distributions Received from Cooperatives
1099-A – Acquisition or Abandonment of Secured Property
1099-LTC – Long-Term Care and Accelerated Death Benefits
1099 Corrections (coming soon for TY2024)

W-2 Deadlines for Tax Year 2024

W-2 Form: Employers are responsible for filing Form W-2 to report employee wages. This form also includes tax withholdings, such as federal income tax, Social Security tax, and Medicare tax.

Employers must provide W-2 forms to their employees and file them with the SSA by January 31, 2025. TaxBandits supports all of the following forms:

Form W-2- Wage and Tax Statement
Form W-2 PR- Employee’s Wage and Tax Statement for Puerto Rico (coming soon for TY2024)
W-2 State Filing (coming soon for TY2024)

File Your 1099 and W-2 Forms Ahead of Tax Season with TaxBandits

You can prepare the 1099 and W-2 forms in advance with TaxBandits and schedule your filing.

These forms will be transmitted to the IRS/SSA on January 5, 2025, when the IRS and SSA open their processing window for the year.

In the meantime, you can use this period to review and edit the forms if required. This flexibility allows you to make necessary changes to ensure that all information is accurate before filing the forms.

What’s New from TaxBandits for Tax Year 2024

At TaxBandits, we’re dedicated to staying ahead with the latest features while simplifying processes for your clients. As we look ahead to the 2024 tax year, we are thrilled to announce some significant features that will enhance user experience and streamline tax filing for the 2024 tax year. See what’s new in detail here.

Streamlined UI for Improved Navigation: TaxBandits now offers a new and improved user interface with a modern design. This upgrade enhances usability and efficiency, helping you easily handle tasks, boost productivity, and streamline your workflows. With a focus on user experience, you’ll be able to complete your tasks swiftly and effectively, making your overall experience with TaxBandits smoother and more efficient than ever.

Enhanced Bulk Upload: We have improved the filing process to provide you with more flexible options for importing data. You can now easily copy and paste from a file, import directly from Google Sheets, and use bulk uploading, along with integration with popular accounting software. These upgrades streamline tracking and management during tax season, making handling large volumes of data easier and providing a smoother overall filing experience.

BanditComplete: Introducing our new recipient copy distribution service that ensures your recipients and employees receive their form copies promptly and consistently! With both postal mailing and online access options available, you can have peace of mind knowing that your forms will be delivered well before the deadline.

Exclusive Features Designed for Tax Professionals

BanditConnect: Our client portal feature has been upgraded and rebranded as BanditConnect. This transformation offers a more efficient way to manage your clients. Now, your clients can securely share documents and communicate seamlessly with your clients within the customized portal featuring your brand identity.

BanditCollab: We’ve enhanced our staff management feature and renamed it BanditCollab. With our improved Bandit Role System (BanditSolo, BanditDuo, and BanditTrio), you can specify access levels and streamline your workflow like never before.

Start Your Tax Season Success Today

Are you ready to create your free TaxBandits account and start your year-end filing early? E-file now with TaxBandits and stay ahead of the deadline. Our platform ensures a quick and seamless filing process so you can avoid the stress of tax preparation and maintain IRS compliance.