Are there any penalties associated with Form 1099-S?
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Last modified 12/1/2023 4:03:10 AM EST |
Added by TaxBandits Team
Applicable To
94X
1099
W-2
ACA
W-4
Yes, there can be penalties associated with Form 1099-S if it is not filed correctly or on time.
If you fail to file a correct Form 1099-S by the due date (including any extensions) or you fail to furnish a correct payee statement, you may be subject to penalties. The penalty amount depends on how late the form is filed and can range from $60 to $310 per form, depending on the severity and length of the delay.
If you intentionally disregard the requirement to file Form 1099-S or intentionally file a false or fraudulent form, you may be subject to a penalty of $630 per form.
So, it’s important to ensure that the form is filed correctly and on time to avoid potential penalties from the IRS.
To learn more about 1099-S penalties, click here.