Are there any penalties associated with Form 1099-Q?
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Last modified 12/1/2023 4:09:52 AM EST |
Added by TaxBandits Team
Applicable To
94X
1099
W-2
ACA
W-4
The IRS will impose penalties if you fail to file Form 1099-Q on time. In addition to filing with the IRS, you are required to distribute recipient copies by January 31st.
If you fail to file 1099-Q Forms as required, the IRS may impose a penalty ranging from $60 to $630/form. Be sure to avoid potential penalties by meeting your filing deadlines with TaxBandits.