TaxBandits Knowledge Base

Are there any penalties associated with Form 1099-A?

Yes, there are penalties associated with failure to file or late filing of Form 1099-A with the IRS.

The penalty for failure to file a correct Form 1099-A with the IRS by the due date can range from $60 to $310 per form, depending on how late the form is filed.

If the failure to file is due to intentional disregard, the penalty can be much higher, up to $630 per form or statement, with no maximum limit.

It is important to note that the penalties can accumulate quickly, especially if a large number of forms are involved. Therefore, it is recommended that filers file Form 1099-A correctly and on time to avoid these penalties.