What are the 1099 penalties for Kentucky?
540 views | Last modified 12/30/2021 2:31:42 AM EST

Applicable To
94X 1099 W-2 ACA W-4

Penalties will be applicable under the following circumstances:

  • Late filing of 1099 or K-5
  • Late payment of taxes
  • Underpayment of estimated income tax or limited liability entity tax
  • Failure to file or furnish recipient information
1099 penalty type Penalty rate Interest rate
Late filing of 1099 2% of the total tax due for each 30 days from the original deadline. The maximum penalty is 20 percent of the total tax due. The minimum penalty is $10.00 5%
Late Payment and Failure to Withhold 2% of the total tax due for each 30 days from the original deadline. The maximum penalty is 20 percent of the total tax due. The minimum penalty is $10.00 5%
Underpayment of estimated income tax or limited liability entity tax Estimated income tax multiplied by the tax due interest rate. No maximum or minimum penalty. 5%
Underpayment or Late Payment of Estimated Income Tax 10 percent for failure to pay any installment of estimated income tax. There is no maximum for this penalty. The minimum penalty is $25. 10%
Failure to File or Failure to Furnish Information 5% of the estimated tax due for each 30 days  from the original deadline. The maximum penalty is 50 percent of the tax assessed. The minimum penalty is $100 5%
Failure to Timely Pay or Protest Tax by the Department of Revenue 2% of the unpaid tax for each 30 days or fraction thereof for the failure or refusal to pay within 60 days of the due date. 2%
Failure to Timely Obtain a Required Tax Identification Number, Permit, License or Other Document of Authority

10%of any cost or fee for the required identification number, permit, etc. There is no maximum for this penalty. The minimum penalty is $50.

Negligence - 10% of the tax assessed.

Fraud - 50% of the tax assessed.

Unhonored (Cold) Check - 10% of the amount of the cold check. The maximum penalty is $100. The minimum penalty is $10.
10%

 

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