It is important that you know what information you need before you begin preparing Form 1099-DIV. We’ve identified the following 5 key topics that may help you to correctly and timely file your 1099-DIV forms with our Step-by-Step Guide.
Determine Who Must Receive a 1099-DIV Form
The IRS instructs that a 1099-DIV form must be generated by banks and other financial institutions to report dividends and other distributions to taxpayers.
Gather Information to Prepare Form 1099-DIV
Before you prepare your 1099-DIV, you will need the tax information for the business or payer and recipient or payee, as well as the amounts paid to the recipient.
3. Check for Accuracy
In order to avoid potential penalties, it is important that you take the time to review the information you have reported on your 1099-DIV forms for accuracy before printing and distributing to the appropriate parties.
Tools such as TINCorrect can help you verify tax ID numbers for payers and recipients before you file.
File and Distribute 1099-DIV Forms
Form 1099-DIV is a multi-part form. Several parties will require copies of the 1099-DIV form, including the IRS, recipient and, if applicable, a state tax department.
Deadlines for 1099-DIV Forms
Most 1099 forms are due to the IRS by February 28, 2018 for paper filing, and April 2, 2018 for electronic filing.
All 1099s are due to their recipients by January 31, 2018.
Looking for additional information?
Learn more about Information Returns using our Guides: Part 1 and Part 2.
Check out our Knowledge Base for answers to our most popular questions. You can also contact us.
BoomTax, The Boom Post, and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors prior to engaging in any transaction.