What is a 1099-DIV For 2024?
IRS Form 1099-DIV Dividends and Distributions Income
Updated on September 30, 2024 - 12:45 PM by Admin, TaxBandits
The 1099-DIV form is used to report stock or mutual fund dividends and other distributions. This is often filed by financial institutions and corporations with the IRS and distributed to their Investors. Read on for a detailed overview to file Form 1099-DIV.
In this article, we cover the following topics:
1. What is IRS Form 1099-DIV?
Form 1099-DIV is used to report dividends that were paid during the tax year by a domestic corporation or a foreign corporation that qualifies. If you have paid capital gain dividends, exempt-interest dividends, or other distributions over $10 you will need to file Form 1099-DIV for this recipient. You will also need to file a Form 1099-DIV if you have withheld any federal income taxes due to backup withholding or foreign taxes on dividends. If you paid $600 in liquidations, you are also required to file Form 1099-DIV.
2. Who must file Form 1099-DIV?
Payers that meet the following conditions must file Form 1099-DIV
- They paid dividends including capital gain dividends, exempt-interest dividend and other distributions on stock of $10 or more.
- They withheld and paid any foreign tax on dividends and other distributions on stock
- They withheld federal income taxes due to the backup withholding rules.
- At least $600 was paid as part of a liquidation.
Click here to learn more about the Form 1099-DIV instructions.
3. When is the deadline to file Form 1099-DIV?
These are the three Form 1099-DIV due dates for 2024 Tax Year,
| Recipient copy | Paper filing | E-filings |
|---|---|---|
|
January 31, 2025 |
February 28, 2025 |
March 31, 2025 |
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4. How to file Form 1099-DIV?
Payers that are required to file Form 1099-DIV can either file paper copies with the IRS or they can e-file their forms. It is important to note that e-filing is the IRS-prefered method of filing. By e-filing, the IRS is able to process your forms at a much faster rate and provide you with timely status updates. Remember, if you are planning to file 250 or more 1099-DIVs with the IRS, you are required to e-file.
E-filing with TaxBandits is simple and convenient, just follow these steps:
- Create an account with TaxBandits.
- Select or add the business you are filing for.
- Enter the required Form 1099-DIV details.
- Review and transmit Form 1099-DIV to the IRS.
TaxBandits is an IRS authorized e-file provider trusted by business owners, tax professionals, and payroll providers.
We provide all the necessary features to ensure your filing process is done quickly and securely! With built- in error checks against the IRS business rules, auto-calculations, and recipient copy solutions, TaxBandits has all the time-saving features you need to maintain your IRS compliance this year!
TaxBandits supports the secure and accurate filing of Form 1099-DIV Forms with the IRS and State. We also offer solutions for the distribution of your recipient copies.
5. What are the changes in Form 1099-DIV for the 2024 tax year?
The IRS has made several changes to Form 1099-DIV for the tax year 2024. The new form includes the following changes:
The FATCA filing requirement check box has now been numbered as Box 11. As a result, the old Box 11-Box 15 has been renumbered to Box 12-Box 16.
Helpful Resources for Form 1099-DIV
