Step by Step guide to E-filing deadline for Form 1099-MISC, INT, and DIV with TaxBandits
Advantages of E-filing 1099 Forms Ahead of the March 31, 2022 Deadline
While your business may have filed Forms 1099-NEC back on January 31st to report nonemployee compensation, you may still have additional 1099 filing requirements.
In addition to the Form 1099-NEC, there are many other forms in the 1099 series, including the following:
- 1099-MISC
- 1099-DIV
- 1099-B
- 1099-INT
- 1099-R
- 1099-K
- 1099-S
- 1099-C
- 1099-GEach of the 1099 series forms is an IRS tax form that is used to report a specific king of
- payment. For example, Form 1099-MISC is used by businesses to report miscellaneous payments, and the 1099-G is used to report certain types of government payments.
For more helpful information on the Form 1099 Series, their deadlines, and how to file them electronically, keep reading!
Form 1099-MISC Updates for the 2021 Tax Year
While Form 1099-MISC is very similar to the 2020 version of this form, there are a few minor changes that filers should be aware of for the 2021 tax year.
The most notable change is Form 1099-MISC’s new name. The Form 1099-MISC title is no longer Miscellaneous Income, it is now used to report, Miscellaneous Information.
Another notable change comes in Box 7. Box 7 (formerly where businesses reported non-employee income) is now renamed: Payer made direct sales totaling $5,000 or more of consumer products to the recipient for resale. Filers can report direct sales of $5,000 or more by checking this box.
Box 11 has also been updated. In Box 11, payers should report Fish Purchased for Resale. This includes any reporting under section 6050R. According to the IRS instructions, payments of $600 or more to any individual in the business of catching fish should be reported here.
The rest of the Form 1099 series is largely the same as their 2020 versions.
What are the Different 1099s and When are they Due?
The Form 1099-MISC is used to report miscellaneous payments, this includes rents, prizes and awards, payments to attorneys, crop insurance proceeds, and even fishing boat proceeds.
Form 1099-DIV is used by banks and financial institutions to report dividend payments. This includes capital gain dividends, exempt-interest dividends, a foreign and federal tax on dividends, and liquidations of more than $600.
Form 1099-B is used by the broker and barter exchange to report proceeds made from these transactions.
Form 1099-INT is used to report interest payments made by banks, mutual funds, government entities, and other financial institutions. This form reports information about the interest paid, investment expenses, bond premiums, and taxes withheld.
Form 1099-R is used by financial institutions to report payments that are related to different retirement plans.
Form 1099-K is used to report payments that were processed by a payment settlement entity (PSE). This includes electronic sales transactions like credit card payments, debit card payments, PayPal payments, and other third-party payers.
Form 1099-S is used for reporting sales or exchanges of real estate properties.
Form 1099-C is used by creditors to report the cancellation of debts that are $600 or more.
Form 1099-G is used to report certain government payments. This is commonly used to report unemployment payments and state/local income tax refunds.
Here are the following deadlines for mailing copies to recipients:
- 1099-MISC: January 31, 2022, or February 15, 2022, when reporting in box 8 or 10.
- 1099-DIV: January 31, 2022
- 1099-B: February 16, 2022
- 1099-INT: January 31, 2022
- 1099-R: January 31, 2022
- 1099-K: January 31, 2022
- 1099-S: February 16, 2022
- 1099-C: January 31, 2022
- 1099-G: January 31, 2022
The deadline to file with the IRS if your business is filing paper copies of 1099s was February 28, 2022.
The deadline for e-filing these forms with the IRS is March 31, 2022.
What are the Advantages of E-filing 1099 Forms?
There are many benefits to e-filing your forms rather than paper-filing them with the IRS. First of all, as you can see from the deadlines above, you have more time to e-file than paper-file.
In addition to having some more time to file your forms with the IRS, the filing process is also much more convenient and yields more accurate forms. When you file a paper copy of your forms, there is a much higher risk of making simple and common mistakes. It is actually proven by the IRS that e-filed forms have a higher rate of accuracy.
This is one of the reasons that e-filing is the IRS-preferred method of filing. The other main reason is that e-filed forms can be processed much more efficiently and at a faster rate.
You should always file your form with an IRS-Authorized E-file Provider. Only these providers can transmit your form to the IRS. Some of them offer other great benefits, like printing and mailing services, audit checks, and are free to sign up with!
Information Needed to File 1099 Forms
Before sitting down to file your 1099 forms, there is some essential information you will need regardless of which 1099 you are filing. You will need your business’ TIN. The party that made the payment is the payer, that will be you in this case. Whether you are filing as an individual or for a business, this will be your SSN or EIN.
The payee is the party that received the payment. You will need to provide the TIN of the individual or business entity that the payment was made to, this will be their SSN or EIN.
Finally, you will need to provide the legal name and address of both you (the payer) and the payee. To complete the form itself, you will need more in-depth information depending on which form you are filing, but across the board, you will need the amount of the payment.
Do you feel ready to file? Hopefully, this article provided some helpful information to build your confidence and get you started!
