Deadline Alert! Today is the Deadline to File 1099 and W-2 Forms for 2024 Tax Year

Today, January 31, 2025, marks the crucial deadline for businesses, tax professionals, and tax preparers to file 1099 and W-2 forms. Stay ahead of the game to avoid last-minute stress. Whether handling employee wages or contractor payments, now is the time to get everything in order.

Feeling overwhelmed? Don’t worry! Our sister product, TaxBandits, specializes in 1099 and W-2 filings, making it easy for you.

With TaxBandits, you’re covered! We support all the essential year-end forms you must file, including Forms W-2, 1099-NEC, 1099-MISC, 940, 941, and ACA 1095.

Let’s take a closer look at the forms that are part of today’s deadline and who they apply to.

Which Forms Are Due Today?

Today marks the deadline for the following tax returns. 

• Form 1099-NEC: This form reports non-employee compensation of $600 or more you paid to freelancers and independent contractors throughout the tax year. You must file Form 1099-NEC  with the IRS, and recipient copies must be distributed on this same date.
  
• Form 1099-MISC: This form reports the miscellaneous payments for those you paid $600 or more. You must file Form 1099-MISC with the IRS and distribute recipient copies. Common payments reported on Form 1099-MISC include:
  
  • Rent payments
  • Prizes and awards
  • Medical and healthcare payments
  • Attorney payments
  • Crop insurance proceeds
  • Fishing boat proceeds
  • Section 409A deferrals
  • Nonqualified deferred compensation

• Other 1099 Forms: In addition to Forms 1099-NEC and 1099-MISC, businesses must also distribute recipient copies for various other 1099 forms by today’s deadline. These forms include:
  • Form 1099-INT – Reports interest income.
  • Form 1099-R – Reports distributions from retirement plans.
  • Form 1099-K – Reports payment card and third-party network transactions.
  • Form 1099-DIV – Reports dividends and distributions to investors.

• Form W-2: You must file a W-2 form that reports the wages you paid to your employees and the taxes you withheld from their pay. This includes Social Security, Medicare, and income taxes. You must file this form with the SSA today and furnish your employees with copies of their W-2 forms. Your employees need this copy to complete and report their personal taxes to the IRS.

Need Time to Extend the Deadline?

If your business needs additional time to file 1099/W-2 forms and distribute recipient copies, you can request an extension through Forms 8809 and 15397 with the IRS.

• Form 8809: The information return extension Form 8809 is used by businesses that need more time to file 1099, W-2, and other information returns with the IRS. Upon filing the IRS Form 8809, you can get a 30-day automatic extension to file your information tax returns. The IRS requires the paper filing of this form if you request an extension. With TaxBandits, you can easily complete Form 8809 online, and TaxBandits will take care of the paper filing for this extension on your behalf.

• Form 15397: The recipient copy distribution extension Form 15937 provides a 30-day extension for distributing recipient copies of information returns. Since the IRS requires this form to be faxed, TaxBandits manages the faxing process for this form on your behalf to ensure timely filing.

Get Your Year-End Filings Done Today with TaxBandits!

With TaxBandits, handling your year-end filings is much easier and more secure. Our intuitive platform streamlines the entire process, helping you stay compliant with IRS regulations while saving time and effort. 

Whether managing 1099s, W-2s, or other essential forms, TaxBandits offers the advanced features and support you need to file quickly and accurately. Simplify your year-end tax reporting today with TaxBandits and easily meet the January 31st deadline!

When it comes to handling recipient copies, TaxBandits has you covered. For a quick recipient copy distribution solution, you opt for Online Access. This lets your recipients and employees securely view and download their forms whenever needed. You can also choose our postal mailing service, and we’ll print and mail your forms to the recipient addresses.

Ready to meet today’s deadline with ease? Sign up for your free TaxBandits account today and file quickly to avoid last-minute stress and penalties!