1099 Due Dates, Penalties & State Filing Requirements 2024 Tax Year

As the 1099 due dates for the tax season 2024 are rapidly approaching, businesses should have a clear understanding of the deadlines, penalties and filing requirements.
Various 1099 forms, such as 1099-K, 1099-NEC, 1099-MISC, etc., are filed with the IRS, ensuring compliance with federal and state tax regulations. While non-employee compensation is reported in the 1099-NEC form, the 1099-MISC is for reporting miscellaneous payments. While 1099-K reports the payment made through card and third-party network transactions.

 

1099 Filing Deadlines 2024 TY

Meeting the deadline to file 1099 forms is crucial, especially if you want to avoid paying penalties. Here’s a list of

 

1099 Form	Due Date to Recipients	Paper Filing to IRS	E-Filing to IRS
1099-K	January 31, 2025	February 28, 2025	April 01, 2025
1099-MISC	January 31, 2025	February 28, 2025	March 31, 2025
1099-NEC	January 31, 2025	January 31, 2025	January 31, 2025
1099-A	January 31, 2025	February 28, 2025	April 01, 2025
1099-B	February 15, 2025	February 28, 2025	April 01, 2025
1099-C	January 31, 2025	February 28, 2025	April 01, 2025
1099-DIV	January 31, 2025	February 28, 2025	March 31, 2025
1099-INT	January 31, 2025	February 28, 2025	March 31, 2025
1099-G	January 31, 2025	February 28, 2025	April 01, 2025
1099-S	January 31, 2025	February 28, 2025	April 01, 2025
1099-R	January 31, 2025	February 28, 2025	March 31, 2025
1099-OID	January 31, 2025	February 28, 2025	April 01, 2025
1099-PATR	January 31, 2025	February 28, 2025	April 01, 2025
1099-SA	January 31, 2025	February 28, 2025	April 01, 2025
W-2G	January 31, 2025	February 28, 2025	April 01, 2025
1097-BTC	On or not after the 15th day of the 2nd calendar month after the close of the calendar month in which the credit is allowed	February 28, 2025	April 01, 2025
5498-SA	May 31, 2025	May 31, 2025	May 31, 2025

Note: If any deadline falls on a weekend or during a holiday, the due date will shift to the next working day.

1099 Penalties in 2025 for 2024 Tax Year

If you miss the deadline for filing 1099 forms, you may be subject to pay penalties. The penalties vary between small and large businesses. 

Penalty for Small Businesses: 

Small businesses that have gross receipts of equal to or not more than $5 million.

• You have to pay $60 per return or statement or up to $232,500 maximum for the delays not more than 30 days from the due date.
• If the 1099 forms are furnished 31 days late to August 1, the fine amount is $130 per return or statement, to a maximum of $664,500.
• For a delay in filing after August 1 or not filling at all– $330 per return or statement— a $1,329,000 maximum is imposed.
• For the intentionally not filing, the amount varies from $660 per return or statement—no limitation. 

 

Penalty for Large Businesses: 

Businesses with more than $5 million in gross receipts are considered large businesses.

• You must pay $60 per return or statement –$664,500 maximum if they file 1099 forms within 30 days of the deadline.
• For all of those taxpayers who submit the form after 30 days of the deadline and within August 1, the penalty is $130 per return or statement—$1,993,500 maximum.
• If you report the tax after August 1 or not at all, the amount of the fine varies from $330 per return or statement to $3,987,000 maximum.
• Intentionally disregarding to report the taxes have to pay $660 per return or statement –no limitation. 

 

State Filing Deadlines for Tax Year 2024

Although most US states follow the federal government’s tax deadlines, some of the states have specific due dates for 1099 forms. Therefore, it is essential to be aware of the state filing deadlines.

• Combined State/Federal Program for 1099-series: Most of the states participate in the combined program with the federal government regarding the filing of 1099 forms. Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Georgia, Hawaii, and Idaho come under this program.

• States with no 1099-MISC filing requirement: In some of the states of the US, you don’t need to file another 1099-MISC form with the IRS. These states are Alaska, Illinois, Florida, Nevada, New York, Tennessee, South Dakota, Texas, New Hampshire, Washington, and Wyoming. 

• States that require a separate 1099-MISC filing: A few states have the exception and require filing a separate 1099-MISC form along with the federal. Washington DC, Iowa, Massachusetts, Oklahoma, Oregon, and Pennsylvania are included in this list.

• States that require 1099-MISC filing only if you withheld state taxes: While you have withheld state taxes, you must file form 1099-MISC. Arizona, Colorado, Georgia, Iowa, Kentucky, Maryland, Nebraska, North Carolina, Ohio, Rhode Island, South Carolina, Utah, Virginia, and West Virginia are those states.

To understand the state filing requirements in detail and know their filing deadlines, refer State Filing Requirements.

 

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