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Deadline to File Form 1099-MISC for 2022 Tax Year

2021 Form 1099 Recipient Copies Deadline

Provide Recipient Copies

January 31st, 2023

2021 Form 1099 Paper Filing Deadline

Paper Filing Deadline

January 31st, 2023

2021 Form 1099 E-Filing Deadline

E-Filing Deadline

January 31st, 2023

Note: If payment is reported in box 8 or 10 due date is February 15, 2023

If the deadline falls on a weekend or federal holiday, the next business day is the deadline

File your Form 1099-MISC on time and avoid late filing penalties

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What is Form 1099-MISC?

Form 1099-MISC is used to report the year-end summary of miscellaneous income. If you paid at least $10 in royalties or at least $600 in services, rents, prizes or awards, and other income payments, you need to file 1099-MISC.

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Form 1099-MISC Vs Form 1099-NEC

IRS Form 1099-MISC used to report the miscellaneous income for the calendar year. In that box 7 is usually used to report the non-employee compensation. Now IRS made a new Form 1099-NEC to Report non-employee compensation for the 2022 tax year. IRS announced to report nonemployee compensation taxpayers who paid $600 or more $600 paid to the contractors for their service must use 1099-NEC.

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Form 1099-MISC copies

Form 1099-MISC consists of several copies.

  • Copy A of Form 1099-MISC must be filed with the IRS.
  • Copy 1 of Form 1099-MISC must be filed with the State tax department.
  • Copy B of Form 1099-MISC must be filed with the State tax department.
  • Copy 2 must be filed with the recipient's state income tax return, when required.
  • Copy C is for the payer’s record.

Visit https://www.taxbandits.com/1099-forms/efile-form-1099-misc-online/ to know more about the IRS 1099-MISC Form.

What Not to Report on Form 1099 MISC?

Not all payments come under 1099 MISC Form. Some of the payment, which you should not report on 1099-Misc are:

  • Payments to corporations
  • Payments to employees ( Never classify employees as independent contractors)
  • Payments for goods such as merchandise, telephone, freight, storage, and similar items
  • Payments of rent to property managers or real estate agents
  • Personal or household payments such as housekeeping, gardening, and babysitting
  • Payments for non-business related services
  • Payments to trusts
  • nonemployee compensation

How do you correct Form 1099-MISC for any errors?

You can correct three types of form 1099-misc errors. they are

  • Type 1: errors in the amount entered, recipient's name, or code.
  • Type 2: errors in taxpayer identification number or an invalid address.
  • Type 3: errors of both types (Type 1 & Type 2).

Penalties for Form 1099-MISC

Penalties will be applied (i). For late filing (ii). For providing incorrect information (iii). For not providing copies to recipients

  • If you fail to file a 1099-MISC form by the due date, or, file with incorrect information you may be subject to a penalty, based on the date you filed the return.

    (i) if you correctly file your return within 30 days from the actual deadline then you are required to pay the penalty of $50 per return ($186,000* maximum)

    (ii) If you filed your return after more than 30 days from the actual due date and before August 1st, then you may be subjected to the penalty of $100 per return ($532,000* maximum)

    (iii) if you file after August 1 or you do not file the required information return then you may be penalized by $260 per return ($1,064,000* maximum)

  • You would receive a letter from the IRS regarding the penalty. Your penalty will be charged with interest-payment if you don’t pay the penalty by the date indicated in the letter received from the IRS.
  • If you fail to provide 1099-MISC statements to recipients on time, you may also incur a separate penalty. This amount is based on when you actually furnish the correct statement.
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Extension to file Form 1099-Misc

The IRS will issue penalties for not filing 1099-MISC Forms. If filing a 1099 MISC Form that is late for 30 days or less, the penalty is $50 per form and increases to $100 per form if more than 30 days late.