How to File Form 1099-DIV?
Banks, investment firms, and other financial institutions must provide taxpayers with a 1099-DIV Form by January 31st each year. The form must include the name, address, and social security number of the taxpayer and will include the taxpayer's information taxpayer. The taxpayer does not need to file 1099-DIV with their taxes, but they need to report the information on it with their return. If the taxpayer does not receive the 1099-DIV form, the user is required to report the income to the IRS qualified dividends are the major exception. Qualified dividends meet certain criteria that allow them to be taxed at a lower capital gains tax rate.
The taxpayer can always find the pay-out amount by logging in to their investment account. If the user's dividend or interest income is less than $1,500, the taxpayer can report it directly on Form 1040. If the taxpayer's distributions exceed $1,500, the taxpayer may need to report it on a Schedule B attachment.
Who Must File 1099 DIV Form?
File Form 1099-DIV for each person:
- To Whom you paid dividends (including dividends on capital gains and dividends on exempt interest) and other distributions valued at $10 or more in money or other property.
- For whom you have withheld and paid any foreign tax on dividends and other distributions on the stock.
- For whom you have withheld federal income tax on dividends under the withholding tax rules, or
- To whom you paid $600 or more in cash or other property as a result of a liquidation.
When is the Deadline to File Form 1099-DIV?
|Filing Type ||Deadline |
|Recipient copy ||January 31st |
|IRS Paper Filing ||February 28th |
|IRS Electronic Filing ||March 31st |
Note:If the due date/deadline falls on a Saturday, Sunday, or federal holiday, the filer will need to E-file 1099 on the next business day.