Are there any penalties associated with Form 1099-S?

Last modified 3/29/2023 8:16:41 AM EST

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 $330 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 $660 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.