A Quick Intro for Electronically Filing Form 1099

Almost everything around the world has been digitized. Be it sending money, receiving money, paying for bills, paying taxes, or even filing for taxes. And just like we have all embraced the other digitalization, why not file the tax returns too?

E Filing the tax forms are much more convenient because of various reasons such as more time for filing. It also gets delivered to the addressed parties in no time and are better for keeping a track.

Form 1099s are also one of the important tax forms which are used during the tax returns and thus, the IRS made it easier to submit these forms electronically too.


Why file Form 1099 electronically?

Other than being a safe, secure, easy to track, and easy to use method of submitting Form 1099s, e-filing Form 1099 also saves you from making mistakes.

It is easily accessible and available so that you can go through it and gather the required information. This allows you to stay prepared in advance for the filing. Moreover, because of its quick process, the electronic filing of Form 1099 also provides an extension of a month or two in some cases.

Even the IRS encourages the taxpayers to use the electronic filing because it speeds up the processing speed as well. In addition, it becomes highly recommended in case the taxpayer has to file 250 or more forms for a single type of return. It also reduces the delay in the form submission as well.


Deadline to efile different types of Form 1099

Although the payers have to furnish and send all types of 1099s to the recipients by January 31, the e filing of 1099 comes much later. Except for Form 1099-NEC, all the other types of 1099s can be electronically submitted to the IRS by March 31. This means a total of 33 or 34 days in access from the final date of paper filing.

Below mentioned are the types of  Form 1099s that can be e filed by March31:

  1. Form 1099-B
  2. Form 1099-DIV
  3. Form 1099-G
  4. Form 1099-INT
  5. Form 1099-K
  6. Form 1099-MISC
  7. Form 1099-OID
  8. Form 1099-PATR


Filing an extension? Here’s what to do

In case even the access 33-34 days fall short in gathering the required information and data for filing Form 1099, you can file an extension request. For this, the payers must submit Form 8809 that is the application for extending the time for filing information returns. 

Filing the extension application can provide 30 days more to you for the information return. However, it is not the same for Form-NEC. Unless you meet the criteria mentioned on the 7th line on Form 8809, you cannot file an extension for Form-NEC.


The bottom line…

The core of this article suggests that wherever possible, one must implement ease of doing work. Whether it is e filing Form 1099s or preparing the required documents and information to submit the information returns on time. Because even if extension is an option, it is an extra task which can be avoided by staying diligent to the deadlines.The deadline of filing Form 1065 is also approaching. Check out our guide for it in order to file it successfully or contact our experts to get your queries resolved.


Written by – Priyanka Rampal


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