When do I receive 1099-INT filing penalties?

Last modified 3/29/2023 3:09:22 AM EST

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 incorrect information

The penalties for failing to file or for filing incorrect information can be significant, ranging from $60 to $660 per form, depending on how late the form is filed and whether or not the error is corrected within a specific 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 file your forms with the Federal and State and distribute form copies to your recipients on time.