Are there any penalties associated with Form 1099-Q?

Last modified 3/29/2023 7:54:23 AM EST

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 $660/form. Be sure to avoid potential penalties by meeting your filing deadlines with TaxBandits.