What is the penalty for failure to file Form 1099-QA?

Last modified 2/26/2025 5:35:34 AM EST

The penalty for failing to file Form 1099-QA on time, as per Section 6693, is $50 per return with no maximum limit. The penalty may be waived if the filer shows reasonable cause and not willful neglect. The filing deadline is February 28 (or March 31 if filing electronically) following the year of distribution.