When will I receive Form 1099-DIV filing penalties?
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Last modified 12/1/2023 4:21:50 AM EST |
Added by TaxBandits Team
Applicable To
94X
1099
W-2
ACA
W-4
You may receive Form 1099-DIV filing penalties 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 current penalties for filing a late or incorrect 1099-DIV form are as follows:
- $60 per form if you file within 30 days of the due date.
- $120 per form if you file more than 30 days after the due date but before August 1.
- $310 per form if you file on or after August 1.
- If you intentionally disregard the requirement to file Form 1099-DIV or intentionally file a false or fraudulent form, you may be subject to a penalty of $630 per form.
To avoid penalties, it's important to e-file the 1099-DIV form on time and ensure that the information is accurate and complete using an IRS-authorized e-file provider like TaxBandits. We handle filing your forms with the Federal and State and distribute form copies to your recipients on time.