Are there any penalties associated with Form 1099-Q?
204 views | Last modified 12/1/2023 4:09:52 AM EST | Added by TaxBandits Team

Applicable To
94X 1099 W-2 ACA W-4

The IRS will impose penalties if you fail to file Form 1099-Q on time. In addition to filing with the IRS, you are required to distribute recipient copies by January 31st. 

If you fail to file 1099-Q Forms as required, the IRS may impose a penalty ranging from $60 to $630/form. Be sure to avoid potential penalties by meeting your filing deadlines with TaxBandits. 

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