E-File Your Illinois 1099 Forms With Ease

Businesses in Illinois must file various 1099 forms reporting state income tax withholding. These include 1099-NEC for non-employee compensation, 1099-MISC for miscellaneous income, 1099-K for payment transactions, and others like 1099-B, 1099-DIV, 1099-G, 1099-INT, 1099-OID, 1099-R and W-2G. Each form serves a specific purpose in reporting different income types. Filing these forms ensures compliance with the Illinois Department of Revenue.

For the 2024 tax year, the Illinois 1099 filing deadlines are as follows:

• 1099-K forms must be submitted to the Illinois Department of Revenue no later than March 31 of the year following the year of the withholding.
• W-2G forms must also be submitted to the Illinois Department of Revenue no later than March 31 of the year following the year of the withholding.
• All other 1099 forms must be submitted by March 31 as well.

1. Failure to File Penalty: $5 per return, up to $25,000 per year. A 50% reduction applies if filed within 60 days.
2. Late-Filing Penalty: If not filed or corrected on time, you could face a penalty of $250 or 2% of the tax due, up to $5,000.
3. Frivolous Return Penalty: A $500 fine if the return is deemed frivolous.
4. Negligence Penalty: 20% of the tax deficiency for careless or reckless mistakes.
5. Fraud Penalty: 50% of the amount due if fraud is detected.