TaxBandits Adds Form 1099-A and 1099-LTC to their Line-Up

Learn more about these 1099 series forms!

Stephanie Glanville | May 19, 2023 | Read time: 4 minute(s) | Form 1099 Series | No Comments

At TaxBandits, our team is all about helping our clients spend less time on IRS tax filing and focusing more on their business and customers.

One of the ways we do this is by adding additional IRS tax forms to our line-up, so that your business, no matter how big or small, has a complete e-file solution.

Read this blog to learn about the new 1099 forms now available from TaxBandits!

What is the 1099 Series of Forms?

During the course of operations, businesses, and financial institutions make payments throughout the tax year. These payments must be reported to the IRS using 1099 Series forms.

Some of the most common forms in the 1099 Series are,

Form 1099-NEC reports non-employee compensation
Form 1099-MISC reports miscellaneous payments
Form 1099-R reports distributions made from retirement accounts
Form 1099-DIV reports information about dividends

What is Form 1099-A?

Form 1099-A is used to report the Acquisition or Abandonment of Secured Property to the IRS. This essentially means that when a property is seized or foreclosed upon by a lender, certain information must be reported to the IRS. Some of this information includes,

The date of the acquisition
The principal remaining on the loan when the property was acquired
Fair market value (FMV) of the property
Whether or not the borrower is personally liable for the debt
A description of the property acquired

This form is typically filed by the lender, this would be the financial institution that provided the loan. The lender must file the 1099-A with the IRS and distribute a copy to the borrower.

What is Form 1099-LTC?

Form 1099-LTC is used to report information about Long-Term Care and Accelerated Death Benefits to the IRS. This form is generally filed by insurance companies and any other providers of these benefits.

These companies must file Form 1099-LTC and distribute a copy to the policyholders or insured individuals to report the following information,

The gross long-term benefits that were paid out
Any accelerated death benefits paid out
The type of account
The date this was certified

What is the deadline to file Forms 1099-A and 1099-LTC?

Forms 1099-A and 1099-LTC have the same deadlines.

The IRS requires that recipient copies of these forms be distributed no later than January 31st.

Any forms that are paper-filed must be submitted to the IRS by February 28th. However, the IRS prefers that businesses file their returns electronically.

The deadline to file Form 1099-A and 1099-LTC electronically is March 31st.

When any of these deadlines fall on a federal holiday or weekend, the next business day is automatically the deadline.

Are you ready to start filing these forms with TaxBandits?!
Create a free TaxBandits account today!