TaxBandits Knowledge Base

Are there any penalties associated with Form 1099-LTC?

The IRS may impose penalties on Form 1099-LTC for the following reasons:

• Failing to file before the deadline
•  Intentionally disregard the requirement to file Form 1099-LTC
• Not using the correct copy of the Form 1099-LTC
• Not providing correct information
• Using the wrong tax year
• Filing incorrect or missing TIN 

Therefore, it is important to submit your 1099-LTC tax form before the deadline to avoid IRS penalties that can range from $60 to $630 per form. Check relevant resources for details on associated penalties.