1099 Filing Requirements and Due Date in 2018

Here are 1099 tax forms details including:  1099 filing requirements; 1099 filing due dates and how to file tax extensions.

1099 Filing Requirements

For 1099 instructions regarding Forms 1097, 1098, 1099, 3921, 3922, 5498, 8935, and W-2G, refer to the general instructions https://www.irs.gov/pub/irs-pdf/i1099gi.pdf. These instructions include additional information about 1099 requirements, paper filing, and line instructions. Filers of Forms 1097, 1098, 1099, 3921, 3922, 5498, 8935, and W-2G, may be required to file electronically. Section 6011(e)(2)(A) of the Internal Revenue Code provides that any person, including a corporation, partnership, individual, estate, or trust, who is required to file 250 or more information returns, must file such returns electronically. The 250 or more requirement applies separately for each type of return.If 250 or more corrected returns are filed,they should also be filed electronically.

If you are required to file 1099 forms electronically and this requirement causes an undue hardship,you can submit a Request for Waiver from Filing (Tax Form 8508) at least 45 days before the due date of the returns.

Any corrections for the same types of returns will be covered under the waiver if approved.

Note: All filers are encouraged to file information returns electronically even if they are not required to do so.

All 1099 filing requirements apply individually to each reporting entity as defined by its separate TIN. For example, if a corporation with several branches or locations uses the same Employer Identification Number (EIN), the corporation must aggregate the total number of returns to be filed for that EIN and apply the filing requirements to each type of return accordingly.

1099 Retention Requirements

Payers should retain a copy of information returns (or have the ability to reconstruct the data) for at least three years from the reporting due date with the following exceptions:

Returns reporting federal withholding should be retained for four years.

Period of Limitations That Apply to Income Tax Returns

  • Keep records for 3 years if situations (4), (5), and (6) below do not apply to you.
  • Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return.
  • Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
  • Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return.
  • Keep records indefinitely if you do not file a return.
  • Keep records indefinitely if you file a fraudulent return.
  • Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.
  • Retain a copy of Form 1099-C, Cancellation of Debt, for at least four years from the due date of the return.

References: 

https://www.irs.gov/businesses/small-businesses-self-employed/how-long-should-i-keep-records

https://www.irs.gov/pub/irs-pdf/i1099ac.pdf

1099 Forms Types, Filing Requirements and Due Dates in 2018

Forms 1097, 1098, 1099, 3921, 3922, 8935, and W-2G f are filed on a calendar year basis. Form 5498 are used to report amounts contributed during or after the calendar year (but no later than April 15).

Due Dates for 2018
Form IRS Paper Filing IRS Electronic Filing Recipient/Participant Copy
1097 February 28 April 2

On or before the 15th day of the 2nd
calendar month after the close of
the calendar quarter (on or before
May 15; August 15; November 15;
February 15 of the following year) 

1098 February 28 April 2 January 31
1099 January 31 (Box 7 - Non employee compensation)
All Others: 02/28/2018
January 31 (Box 7 - Non employee compensation)
All Others: 04/02/2018
January 31
3921 February 28 April 2 January 31
3922 February 28 April 2 January 31
5498 May 31 May 31 January 31/May 31
5498-SA May 31 May 31 May 31
5498- ESA May 31 May 31 April 30
8935 Due 90 days after date of payment
W-2G February 28 April 2 January 31

Note: If any due date falls on a Saturday, Sunday, or legal holiday, the return or statement is considered timely if filed or furnished on the next day that is not a Saturday, Sunday, or legal holiday.

**Filing Dates for Form 5498: Furnish Copy B of this form to the participant by May 31, 2018, but furnish fair market value information and RMD if applicable by January 31, 2018.

Extension for Filing 1099 Forms with the IRS

You can get an automatic 30-day extension of time to file by completing Form 8809. The form may be submitted on paper, or through the FIRE System either as a fill-in form or an electronic file. No signature or explanation is required for the extension. However, you must file Form 8809 by the due date of the Return(s) in order to get the 30-day extension. Under certain hardship conditions you may apply for an additional 30-day extension. See the instructions for Form 8809 for more information (https://www.irs.gov/pub/irs-pdf/f8809.pdf).

Online submission of Extension of Time to File Information Returns Form 8809) Form 8809 may be completed online via the FIRE System (See https://fire.irs.gov). Acknowledgements are automatically displayed online if the request is made by the due date of the return. Paper copies of Form 8809 can be obtained on irs.gov Publication and Forms (see Part A. Sec. 5, General Information, Additional Resources). Mail completed Form 8809 to:

Department of the Treasury
Internal Revenue Service Center
Ogden, UT 84201-0209

Note: The extension of time to file and any approved requests for additional time will only extend the due date for filing the information returns with the IRS. They do not extend the due date for furnishing statements to recipients.

If the Request for Extension of Time to File an Information Return is received after the due date, it will be denied. For more information on extension requests see Form 8809, Application for Extension of Time to File Information Returns (https://www.irs.gov/pub/irs-pdf/f8809.pdf).

Request an Extension for Filing 1099 Forms

Title 26 CFR Chapter 1 subsection 6081-8(2)(d) allows a payer (filer) or transmitter to request an additional 30-day extension to file information returns if the first automatic 30-day extension was granted and the additional extension is filed before the expiration of the automatic 30-day extension. The additional extension must be filed using a paper Form 8809 to satisfy the reason (Check box on Line 5, Form 8809) and the original signature requirement. The on-line Form 8809 cannot be used to request an additional extension of time.

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