TaxBandits Knowledge Base

What are the penalties associated with Form 1099-SA?

The IRS may impose penalties on 1099-SA Forms for the following reasons:

• Not filing by the due date
• Intentionally disregard the requirement to file Form 1099-SA
• Not filing a proper 1099 paper form that's machine-readable
• Using the form for the wrong year
• Not using the right copy of Form 1099-SA
• Filing with incorrect information

However, IRS penalties vary and will depend on how late you file or if you fail to file at all. According to the IRS instructions for certain information returns, businesses can be fined anywhere from $60 to $630 per information return. Therefore, it is very important to file 1099-SA on the correct deadline and file any corrections as needed.