TaxBandits Knowledge Base

When do I receive 1099-INT filing penalties?

You may receive 1099-INT filing penalties from the IRS for the following reasons:

• Not filing 1099-INT by the due date.
• Not filing a proper 1099-INT paper form that's machine-readable
• Using the form 1099-INT for the wrong year
• Not using the correct copy of Form 1099-INT
• Filing with an Incorrect or missing TIN
• Filing with the incorrect information

The penalties for failing to file or for filing incorrect information can be significant, ranging from $60 to $630 per form, depending on how late the form is filed and whether or not the error is corrected within a certain timeframe.

To avoid penalties, it's important to e-file the 1099-INT form on time and ensure 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.