When is 1099 NEC due date?

Form 1099 NEC must be filed by January 31, 2025, for the tax year 2023 irrespective of filing methods ( paper or electronic filing). The deadline to send the Recipient is also due by January 31st

Form 1099-NEC Filing Deadline
for 2024

Q: 1099-NEC State Filing Deadline?

Most of the states have January 31st as the filing deadline. But, the deadline to file will vary for some states.

Explore Now

The IRS mandates e-filing when you file 10 or more tax returns for the 2024 tax year. E-file Now

Form 1099 NEC - Deadline and Filing Requirements

Updated on September 30, 2024 - 11:10 AM by Admin, TaxBandits

Starting with the tax year 2020, the Form 1099-NEC was returned to the IRS line-up. This means all non-employee compensation must be reported using this form, rather than the 1099-MISC with the IRS and furnish them with a copy.

Non-employee compensation refers to the payments made to independent contractors and vendors, these payments must be reported to the IRS. If your business hired independent contractors and/or vendors and paid them more than $600 for their services, you are required to file 1099-NEC with the IRS and furnish them with a copy.

Table of Contents:

When is the 1099-NEC Deadline 2024?
What are the 1099-NEC late filing penalties?
What are the Filing Requirements for Form 1099 NEC?
How to file Form 1099-NEC with TaxBandits?
Why is it important to request a W-9 form before the 1099-NEC is due?

1. When is the 1099-NEC Deadline 2024?

Form 1099-NEC is due on January 31 for both recipient copies and IRS, irrespective of the filing methods (paper or e-filing). The deadline to report Form 1099-NEC for the 2024 tax year is
January 31, 2025. If the deadline falls on any weekend or public holiday, the deadline will move to the next business day.

Recipient copy	Paper filing	E-filing
January 31, 2025 Simply get started with TaxBandits and your recipient copies will be delivered on time.	January 31, 2025 IRS Recommend to file 1099 NEC electronically for quick processing and instant approval	January 31, 2025 Don't wait till the deadline. Get started with TaxBandits today and E-file 1099 NEC in minutes.

Want to know the 1099-NEC State Filing Deadline?

Most of the states have January 31st as the 1099-NEC filing deadline. But, the deadline to file will vary for some states.

Click here to learn more about the state filing deadline.

2. What are the 1099-NEC late filing penalties?

If you fail to file 1099 NEC, your business is subject to IRS late filing penalties, depending on how late you file it. Here are the possible penalties for late filing or not filing Form 1099-NEC

Condition	Minimum penalty	Maximum Penalty
Less than 30 days late	$60 / return	$630,500 / year ($220,500 for small businesses)
31 days late but before Aug 1	$120 / return	$1,891,500 / year ($630,500 for small businesses).
After August 1 or Not at All	$310 / return	$3,783,000 / year ($1,261,000 for small businesses).
Intentional Disregard	$630 / return	No limit

The maximum penalty rate might vary based on your business type, either small or large business. Learn More about 1099 NEC Penalties.

3. What are the Filing Requirements for Form 1099 NEC?

If your business hired an 1099 contractor, freelance worker, or vendor during the tax year and paid them $600 or more for their services, your business is required to report this on Form 1099-NEC. When filing this form, please note that your business is considered the “payer” and the independent contractor/vendor is the “recipient”.

Form 1099-NEC requires the following information:

Payer (your business) name, address, and TIN
Recipient (independent contractor) name, address, and TIN
Total Nonemployee compensation
Federal and state income tax withheld

Ready to File 1099 NEC Online? Get Started with TaxBandits and E-file 1099 NEC in minutes!

4. How to file Form 1099-NEC with TaxBandits?

With the recent reduction in the e-filing threshold, businesses that file 10 or more aggregated 1099 returns should e-file with the IRS. TaxBandits is your ideal solution to meet your compliance requirements.

TaxBandits offers various time-saving features like bulk upload, seamless integration with your existing accounting software, TIN matching, and more to simplify your tax filing process.

With just a few simple steps, you can e-file your tax return in minutes and receive your copies through postal mail or a secure online access portal.

Step 1: Add Business and Recipient Details for Form 1099-NEC
Step 2: Enter Form Information for Form 1099-NEC
Step 3: Review the Form Summary and make any necessary corrections
Step 4: Transmit the Form to the IRS and state

File your 1099-NEC electronically with TaxBandits before the deadline. Get Started Today!"

E-File 1099 NEC NOW

5. Why is it important to request a W-9 form before the 1099-NEC is due?

Requesting a W-9 form from your vendors or independent contractors ensures you have the correct information, including their TIN, legal name, and address. This is essential for accurate 1099-NEC filing. Without a valid W-9, you could face delays in reporting, errors, or penalties due to missing or incorrect TINs, and may also be required to withhold backup taxes. Make sure to request W-9 forms early to meet the 1099-NEC filing deadline and stay compliant with IRS regulations.