TaxBandits Knowledge Base

What is the penalty for failure to file Form 1098-F?

If you fail to file Form 1098-F by the deadline (March 31), you may face IRS penalties. The penalties range from $60 to $660 per form, depending on the business size and when you file the return. The penalty is as follows:

• $60 per form if you file correctly within 30 days after the due date. Maximum penalty: $683,000 per year ($239,000 for small businesses).
• $130 per form if you file correctly more than 30 days after the due date but by August 1. Maximum penalty: $2,049,000 per year ($683,000 for small businesses).
• $340 per form if you file after August 1 or do not file at all. Maximum penalty: $4,098,500 per year ($1,366,000 for small businesses).