How to E-file Form 1099-A Online for 2023 with TaxBandits?
What Information is Required to File Form 1099-A Electronically?
- 1. Lender Details: Lender’s Name,TIN, and Address.
- 2. Borrower Details: Borrower’s Name, TIN, and Address.
- 3. Date of lender’s acquisition or knowledge of abandonment.
- 4. Balance of principal outstanding.
- 5. Fair Market Value (FMV) of property.
- 6. Description of the property.
Completing Form 1099-A is a simple process with TaxBandits, you can enter the form information manually.
Learn more about IRS Form 1099-A Instructions .
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Frequently Asked Questions about
What Is The IRS Form 1099-A?
IRS Form 1099-A is also called Acquisition or Abandonment of Secured Property, issued by a lender to report the foreclosure or repossession of a property. In other words, when a property is foreclosed by the bank or lender, the owner/borrower will receive Form 1099-A in the year following the calendar year in which the lender acquires the property.
Who Is Required To File Form 1099-A?
The Form 1099-A is typically filed by lenders such as banks, mortgage companies, and other financial institutions who have acquired or abandoned secured property. The lender must file Form 1099-A with the IRS and provide a copy of the form to the borrower after the calendar year in which they acquired
The property can be any real estate property, intangible property, and tangible property except auto-used for personal use.
When you file Form 1099-A electronically with TaxBandits, you can easily distribute recipient copies by mail or through secure online access.
Who Is Required To File Form 1096?
IRS Form 1096 is also called the Annual Summary and Transmittal of U.S. Information Returns and is used to summarize the Form 1099-A and other 1099 forms that are filed with the IRS.
Form 1096 is only required if you are filing paper copies of Forms 1099. You are not required to submit this form when you file Form 1099-A electronically, however, TaxBandits generates a copy in your account for record
When Is The Deadline To File Form 1099-A?
The Form 1099-A deadline to distribute recipient copies is January 31. For paper filing with the IRS, it must be submitted by February 28. Finally, when filing electronically, the deadline is April 1.
Note: If the deadline falls on a weekend or public holiday, the deadline automatically switches to the next business day.
How To Fill Out A 1099-A Form?
The Form 1099-A contains 6 boxes (fields), including one check box. Each box requires specific information. This is a complete breakdown of each box and the information that is needed to report in form.
The IRS requires the following information of Lender and Borrower on Form 1099-A
- Lender’s Name
- Lender’s TIN
- Lender’s Address
- Borrower’s Name
- Borrower’s TIN
- Borrower’s Address
Form 1099-A contains 6 boxes, requiring the following information:
Box 1: Date of lender’s acquisition or knowledge of abandonment
Enter the date that the lender acquired the property.
Box 2: Balance of principal outstanding
Enter the outstanding principal on the loan when the lender acquires
Box 3: Reserved for future use
This box can be left blank, no information is required here.
Box 4: Fair market value of property
Enter the Fair market value of the property.
Box 5: Check if the borrower was personally liable for repayment of the debt.
Check the box if the borrower was personally liable for the debt.
Box 6: Description of property
Enter the description of the property, such as an address, section, lot,
What Are The Form 1099-A Copies?
There are three copies of IRS Form 1099-A that are required to be filed or distributed to different parties. Here is a breakdown of the different 1099-A copies.
- Copy A: This copy of the form is filed with the IRS by the lenders.
- Copy B: This copy of the form should be furnished to the borrower.
- Copy C: This copy of the form is retained by the lender for record purpose.
What are the Late Filing Penalties for Form 1099-A?
Failing to file Forms 1099-A before the deadline can result in 1099 penalties.
|Time return Filed/Furnished||Minimum Penalties||Maximum Penalties For Small Business||Maximum Penalties For Large Business|
Filed within 30 days from the deadline
$60 per return
Filed after 30 days and before
$120 per return
Filed after August 1
$310 per return