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Form 1099 is a series of Forms that IRS refers to as “Information Return” which is used to report various types of income that a taxpayer receives throughout the year. The income may be the compensation paid to the independent contractors, interest amount paid by bank or any financial institution, and dividends paid in exchange for stocks or any mutual funds.
The person who paid the taxpayers are responsible for filing this information to the IRS using Form 1099 and must send a copy to the recipient.
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Form 1099-MISC, Form 1099-INT, Form 1099-DIV, Form 1099-R, Form 1099-S, Form 1099-B is the different 1099 Forms that are available of which the Form 1099 MISC, Form 1099 INT, and Form 1099 DIV are most often used Forms to be reported with the IRS.
Form 1099-MISC is used to report the amount paid for the service performed by an independent contractor. Also, Form 1099 MISC is used to report the other type of Miscellaneous payments such as rentals payments, prizes, and rewards, payments made to an attorney, Crop insurance proceeds, fishing boat proceeds, direct sale of $5,000 of any consumer product, etc
Form 1099-INT is used to report interest income. The payer of interest income must file 1099 INT if they have paid at least $10 or more as the interest. Also, Form 1099 INT must be reported if any withheld is made under backup withholding rules. Usually, banks, brokerage firms or any financial institutions use Form 1099 INT to report the interest amount paid to the recipients.
Form 1099-DIV is used to report dividends and distributions amount paid to individuals for any investments made. Form 1099 DIV is most often used by banks and financial institutions.
Form 1099-R is used to report any distribution of $10 or more from the profit-sharing and retirement plans, IRAs, Pensions, Annuities, Retirement, Insurance Contracts, etc.
Form 1099-S is used to report the proceeds from the real estate transactions, and to report the sales or exchange of real estate.
Form 1099-B is used to report the proceeds from the Broker and Barter Exchange Transactions. A Form 1099-B should be filed for each person for whom the stocks, commodities where sold for cash. Form 1099-B is also used to report stock acquisition of control or change in the capital structure.
Form 1096 is a summary of Form 1099. Form 1096 is used to summarize the number of 1099 Forms filed with the IRS. Form 1096 is required only when the 1099 Forms are filed by paper and not required when filing electronically.
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Some states have mandated the filing of Form 1099 to report the state withheld. The state filing requirements of Form 1099 depend upon the state which you belong to and it will vary for each state. And your 1099 filing is not complete until you have reported your 1099 with the state. Check your state filing requirements by visiting https://www.taxbandits.com/form-1099-series/state-filings/.
Usually, Form 1099 has three different deadlines.
Those who report Form 1099-MISC for non-employee compensation (box 7) must send the recipient copy and report their information on or before January 31 to the IRS.
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Each Form 1099 is available with 5 different copies of which each has its unique purpose.
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If you have identified any errors on your previously filed Form 1099, you have to correct them and submit a correction Form to the IRS and must send the same to the recipient.
Form 1099 correction can be done for two different types of errors Type 1 and Type 2:
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In order to correct the payer information on Form 1099, you must send a written statement to the IRS with the updated payer information. The statement must be sent to the following mailing address.
In case if you need time to prepare your Form 1099, you have to apply for an extension using Form 8809. Applying extension using Form 8809 will give you an additional 30 days of time to file your Form 1099 with the IRS. Form 1099 extension is not applicable for those who reporting Form 1099-MISC for reporting non-employee compensation.
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Filing Form 1099 for the prior year is very easy now with TaxBandits. Create an account, choose the required 1099 Form, and Choose Tax year. Enter the Form information, review Form summary, and transmit it to the IRS. TaxBandits will never charge any additional fee for filing Form 1099 for the prior year.
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The IRS will impose a penalty of $50 per form for not filing Form 1099 on time. And the penalty will increase to $100 per form if the Form 1099 is filed late more than 31 days after the deadline. And it will go up to $260 per form if a return not at all filed (after August 1).
IRS may also impose a penalty for the following reasons:
Learn more about the penalty by visiting
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