IRS Form 1099-DIV E-Filing Deadline is March 31, 2021
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What Information is Required to File Form 1099-DIV Electronically?
- 1. Payer Details: Name, EIN/SSN, and Address
- 2. Recipient Details: Name, EIN/Social Security, and Address
- 3. Federal Details: Dividend and Distribution of Income Information
- 4. State Filing Details: Federal/State Income Taxes Withheld
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How to E-file Form 1099-DIV Online for 2020 with TaxBandits?
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What Is The IRS Form 1099-DIV?
Form 1099-DIV: Dividends and Distributions is an IRS form sent by banks and other financial institutions to investors who receive dividends and distributions from any type of investment during a calendar year. Investors can receive multiple 1099-DIVs. Each 1099-DIV form should be reported on an investor’s tax filing.
Who must file Form 1099-DIV?
If you are a payer, you are required to File Form 1099-DIV for each recipient under the following conditions:
- If you paid dividends including capital gain dividends, exempt-interest dividend and other distributions on stock of $10 or more
- If you withheld and paid any foreign tax on dividends and other distributions on stock
- If you withheld any federal income tax on dividends under the backup withholding rules
- If you paid $600 or more as part of a liquidation
For more details about Form 1099 DIV, visit irs.gov.
Who Is Required To File Form 1096?
Form 1096 is used to summarize 1099-DIV Forms being filed with the IRS. The Transmittal Form 1096 is required only when you file 1099-DIV Forms by paper.
Form 1096 is not required when you file Form 1099-DIV electronically.
Filing Form 1099-DIV With The State
Some states require the filing of Form 1099-DIV to report the State tax withheld from the 1099-DIV payment, including any additional information required by a respective state.
Check the State Filing Requirements and get started with TaxBandits for filing your Form 1099 with the Federal and the State.
When Is The Deadline To File Form 1099-DIV?
February 1, 2021 is the due date to distribute copies of Form 1099-DIV to the recipient. If you choose to file by paper, the deadline is March 1, 2021 for the 2020 Tax Year. The Form 1099-DIV electronic filing deadline is on March 31, 2021.
If you have the information available for reporting 1099-INT, get started with TaxBandits and file Form 1099-INT securely & accurately with the IRS.
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What Are The Requirements For Filing Form 1099-DIV?
For each 1099-DIV Form you submit with the IRS, you will need to include the following information:
- Payer Information such as Name, Address, EIN/SSN
- Recipient Information such as Name, Address, EIN/SSN
- Dividends and Distributions paid to the recipient
- Federal income tax withheld
- State and local information such as State number, taxes withheld
If you have the information available for filing 1099-DIV, get started with TaxBandits and file Form 1099-DIV securely & accurately with the IRS.
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How To Fill Out A 1099-DIV Form?
Form 1099 DIV is comprised of 15 boxes. The form also contains boxes for reporting Payers and Recipients personal details.
Boxes For Reporting Payer Information
1. Enter your information such as Name, Address, City or Town, State, Postal Code and Phone Number
2. Enter your TIN (EIN/SSN)
Boxes For Reporting Recipient Information
1. Enter your recipient TIN (EIN/SSN)
2. Enter your recipient Name, Address, City or Town, State, Postal Code and Phone Number
Checkbox for FATCA filing requirement
Check this box, if you meet the following requirements:
- If you are a payer in the United States filing Form 1099 (including reporting distributions in boxes 1 through 3 and 9 through 12 of 1099-DIV) to satisfy the reporting requirement with respect to a U.S. account for chapter 4 purpose under section 1.1471-4(d)(2)(iii)(A).
- If you are a FFI (Foreign Financial Institution) reporting payments to a U.S. account pursuant to an election described in Regulations
Box for Account Number
Enter the account number if you have multiple accounts for a recipient for whom you are filing more than a single Form 1099-DIV.
Then start entering the dividends & distribution payments that you made to the recipient and indicate if withholding any taxes from the recipient.
Box 1a: Total Ordinary Dividends
Enter the total amount of dividends such as money market funds, net short-term capital gains from mutual funds and other distributions on stock you paid to the recipient.
Box 1b: Qualified Dividends
Enter the portion of total dividends in box 1a that qualify for the reduced capital gains rates.
Box 2a: Total Capital Gain Distributions
Enter the total long-term capital gain distributions paid to your recipient.
Box 2b: Unrecaptured Section 1250 Gain
Enter the portion of box 2a that is the Unrecaptured Gain from any depreciable real property under Section 1250.
Box 2c: Section 1202 Gain
Enter the portion of box 2a that is gained from any small business stocks under Section 1202.
Box 2d: Collectibles (28%) Gain
Enter the portion of box 2a that is a 28% rate gain from sales or exchanges of collectibles.
Box 3: Nondividend Distributions
Enter nondividend distributions which you paid to the recipient. A nondividend distribution is considered a distribution that is not paid out of the earnings and profits of a corporation or a mutual fund. Generally, the distribution is a return of capital or the investment that was made by the holder of the corporation or mutual fund.
Box 4: Federal Income Tax Withheld
Enter an amount if you withhold any taxes from the recipient for not providing correct TIN. Generally, use Form W-9 to request the TIN of the recipient. For foreign recipients, use the applicable Form W-8.
Box 5: Section 199A Dividends
Enter the dividends paid to a recipient that is eligible for the 20% qualified business income deduction under section 199A.
Box 6: Investment Expenses
Enter your recipient share of any Investment Expenses. These expenses are generally from a non-publicly offered mutual fund.
Box 7: Foreign Tax Paid
Enter the foreign tax you paid on dividends and other distributions on stock.
Box 8: Foreign Country or U.S. Possession
Enter the foreign country or U.S. possession in which the tax is reported on Box 7.
Box 9: Cash Liquidation Distributions
Enter the cash liquidation distribution (return of the cost or basis in the investment), also considered as the cash you paid upon liquidation of all or part of an underlying entity.
Box 10: Non-Cash Liquidation Distributions
Enter the Non-cash Liquidation Distribution, commonly referred to as any amounts other than cash that you paid upon liquidation of all or part of the underlying entity.
Boxes 11: Exempt-Interest Dividends
Enter the amount if Mutual Funds paid tax-exempt dividends to the recipient.
Boxes 12: Specified Private Activity Bond Interest Dividends
Enter the amount if RIC paid the exempt-interest dividends from specified private activity bonds.
Boxes 13-15: State Withholding Information
If you withheld state income taxes on any amount you paid to the recipient, use the state information boxes to report this information.
- Box 13 - Enter State
- Box 14 - Enter State ID number
- Box 15 - Enter State tax withheld
What Are The Form 1099-DIV Copies?
Payer must complete 5 copies when filing Form 1099-DIV:
- Copy A must be filed with the IRS.
- Copy 1 must be filed with the State tax department.
- Copy B must be furnished to the recipient.
- Copy 2 must be filed with the recipient's state income tax return, when required.
- Copy C is for the payer’s records.
Choose TaxBandits for filing 1099-DIV Form with the IRS, State and we’ll mail copies of Form 1099-DIV to the recipients. Started Now
What Are The Most Common Errors On Forms 1099-DIV?
There are two type of errors that occur when filing Form 1099-DIV are:
- Incorrect amount(s), code or checkbox
- No payee TIN (SSN, EIN, QI-EIN or ITIN), incorrect payee TIN/Name
How To Correct Errors On Form 1099-DIV
If you discover an error on Form 1099-DIV, make any necessary corrections and retransmit your Form 1099-DIV to the IRS.
You’re also required to furnish the corrected copies of Form 1099-DIV to the recipient(s).
To correct a Form 1099-DIV previously reported with the IRS, use a seperate Form 1099-DIV and enter an “X” in the “CORRECTED” box. Make any necessary corrections to your 1099-DIV Forms and transmit them to the IRS again.
If the error is an incorrect TIN/ID, you must send a written statement to the IRS to correct the form.
Get Started with TaxBandits to correct any errors on Form 1099-DIV. Even if you have filed your original 1099 returns with another e-file provider, you can use TaxBandits to correct your Form & transmit it to the IRS. Get Started Now
Form 1099-DIV Extension
If you need more time to file 1099-DIV with the IRS, you may request an automatic 30-day extension by filing Form 8809. Tax Extension Form 8809 can be filed electronically or by paper.
What Are The Penalties For Filing Form 1099-DIV?
The IRS will issue penalties for filing 1099-DIV Forms for the following reasons:
- Not filing 1099-DIV by the due date
- Not filing a proper 1099-DIV paper form that's machine-readable.
- Using the form 1099-DIV for the wrong year
- Not using the correct copy of Form 1099-DIV
- Filing with an Incorrect or missing TIN
- Filing with the incorrect information
The penalty is $50 per form if filing a 1099 DIV Form if it is late for less than 30 days, and increases to $100 per form if more than 30 days late. Learn More about 1099-DIV penalties.
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Helpful Resource for Form 1099-DIV
Form 1099 Correction
If you found any errors after filing your 1099 return with the IRS, correct the information as soon as possible and submit the corrected form and Form 1096 to the IRS.
Form 1099 Penalty
A penalty will be charged if you fail to issue Form 1099 to the payee. The amount of the penalty is based on when you file the correct information return.