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What are the Due Dates for 1099 Forms in 2016 Tax Year

Prior to knowing the due dates for 1099 forms 2016 to 2017, it is necessary to know what are IRS 1099 forms especially the ones being described here- Forms 1099-MISC, 1099-K and 1099-INT. 

Due Dates for 1099 Forms

1099 Deadline: 1099 Filing and Submitting Due Dates

 

March 31st, 2017 is 1099 due date for filing 1099 forms electronically. 1099 MISC due date is on or before 31st January 2017 when reporting nonemployee payments in Box 7. If the deadline for 1099 form filing falls on Saturday, Sunday or any legal holiday, it might be filed on the following business day. This due date applies to all 1099 forms including 1099-K form and 1099-INT form. It is necessary for you to keep in mind that in order to e-file form 1099-MISC or any other 1099 form it is important for you to have the software for generating a file as per specifications in Publication 1220.

What is 1099-MISC Form?

The 1099-MISC form is frequently used by companies for reporting payments to vendors providing them their services. The form contains a total of 10 boxes for reporting different amounts paid to the vendors. However, companies made use of Box 7 for nonemployee compensation. The 1099-misc form is basically used for the purpose of reporting payments to small service companies and self-employed individuals. Examples of such companies and individuals include cleaning services, graphic designers, grass cutting services, freelance writers, forum moderators, web developers and other service providers. The 1099-misc form is also used for the purpose of reporting the payments made to partnerships, attorneys, and unincorporated business service providers.

1099-MISC Deadline (1099-MISC Due Dates)

  • Recipient copy by January 31, 2017
  • IRS Paper Filing – Box 7 by January 31, 2017
  • IRS Electronic Filing – Box 7 by January 31, 2017
  • IRS Paper Filing – Other Boxes by February 28, 2017
  • IRS Electronic Filing – Other Boxes by March 31, 2017

What is 1099-INT Form?

The IRS 1099-INT form reports the interest earned from different accounts like US savings bonds, interest-bearing checking accounts, and savings. 1099-INT form identified the difference between dividends and interest, which are directly reported on 1099-DIV form. The recipients who do not qualify to get a form have the obligation of reporting their income as per regulations by the Internal Revenue Service.

1099-INT Deadline (1099-INT Due Dates)

  • Recipient copy by January 31, 2017
  • IRS Paper Filing by February 28, 2017
  • IRS Electronic Filing by March 31, 2017

What is 1099-K Form?

The 1099-k form is filed by PSEs or Payment Settlement Entities for the payments which are made during the settlement of a payment transaction that is reportable. These payments include the ones made by way of payment cards like debit, credit and even gift cards or cards through third party network.

1099-K Deadline (1099-K Due Dates)

  • Recipient Copy by January 31, 2017
  • IRS Paper Filing by February 28, 2017
  • IRS Electronic Filing by March 31, 2017

Two Crucial Dates for Issuing Form 1099-MISC

There are two crucial dates for issuing form 1099-MISC and it is very important to remember both the dates. One date is for mailing form 1099-MISC to the recipient and the other date is for reporting it to the Internal Revenue Service. Both these dates are of prime importance failing which there are strict penalties. There is one thing that can be done to keep the dates in mind and that is using an online tax filing service for the entire procedure. Today Efile your 1099 Forms and Avoid Penalities. 

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