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The IRS has strict 1099-DIV due dates that need to be followed if you have ever made dividend and capital gain distributions that is more than the $10 dividend limit, or you made payments of $600+ for a liquidation.
In the case of 1099-DIV, the filer or payer, is any business, fund, trust, broker, or financial institution that makes dividend or distribution payments that meets the IRS reporting threshold, including:
1099-DIV payer or filer duties
The official dividend form IRS uses is needed for the following types of payments:
Here are the upcoming Form 1099-DIV due dates you need to kind in mind to stay compliant.
Every missed deadline has a price. But every early filing brings security and peace of mind. File your 1099-DIV accurately with Tax1099 by March 31 and avoid hefty penalties. Get Started
Every missed deadline has a price. But every early filing brings security and peace of mind. File your 1099-DIV accurately with Tax1099 by March 31 and avoid hefty penalties.
There are two main methods of transmitting 1099-DIV to the IRS:
Paper Filing: In this filing method, you have to print and mail scannable versions of 1099-DIV form and also include Form 1096 (a summary sheet in red ink). This process is slow and time consuming.
E-filing (recommended by the IRS): The IRS 10 form e-file rule requires you to e-file if you are filing more than 10 1099-DIV. It is a completely online process and you can use automated e-filing platforms like Tax1099.
To avoid paying late 1099-DIV fee, you need to file Form 1099-DIV on or before the IRS and state filing deadlines.
Mistake 1:
The IRS is strict about their reporting requirements and if you file for dividend payments that are less than $10 with no tax withheld, the IRS may flag it for audits.
Solution: Void the previous filing by submitting a ‘CORRECTED’ 1099-DIV form and show “0” in the boxes.
Mistake 2:
Dividend payments and interest payments are reported on completely different forms. 1099-DIV is used for dividend payments while interest payments go on Form 1099-INT.
Solution: File a ‘CORRECTED’ 1099-DIV with the correct payment amount. There is no need to refile the incorrect 1099-INT, but make sure the corrected 1099-DIV is also sent to the recipient.
Mistake 3:
Incorrect or missing TIN triggers the 24% backup withholding rule. If you don’t withhold, the IRS will send a notice and charge penalties plus interest.
Solution: Pay the missing withholding tax using Form 945 and send B-Notice to the recipient.
Mistake 4:
Foreign tax withheld should always be reported in Boxes 6 and 7 of 1099-DIV. It is required by the recipient to claim foreign tax credit or deduction.
Solution: File a ‘CORRECTED’ 1099-DIV with the correct foreign tax paid amount (Box 6) and the name of the foreign country (Box 7).
Since you missed the recipient copy distribution deadline (Jan 31), you can expect a small fee for late furnishing.
No, you cannot request an extension for furnishing copies to investors.
S-corps get a 1099-DIV form only when dividend payments are made that need to be reported as dividends. Otherwise, they do not generally receive a 1099-DIV.
Yes, you can send a CORRECTED 1099-DIV with the updated information. This new form will void the original form.
Yes, but you can send recipient copies of 1099-DIV only after you receive the investor’s consent.
Keep records of all 1099-DIV filings and related documents for at least four years.
An IRS authorized e-filing platform, Tax1099, offers an easier and faster way to e-file 1099s, W-2s, 1098s, and ACA forms. Upload all your tax form filing data in one go.
Bulk-upload your 1099-DIV forms and finish filing in minutes, only with Tax1099. Get Started
Bulk-upload your 1099-DIV forms and finish filing in minutes, only with Tax1099.