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If you’ve paid or incurred fines or penalties to a government or regulatory entity, you may be required to report them using IRS Form 1098-F. This form must be filed by specific IRS deadlines to ensure compliance and avoid potential penalties. Timely filing helps both you and the IRS track deductible and non-deductible settlement payments accurately.
Table of Contents
What is IRS Form 1098-F?
IRS Form 1098-F is used to report court-ordered fines, penalties, and other amounts of at least $50,000 assessed by government entities. This form helps ensure compliance with IRS regulations regarding deductible and non-deductible fines or penalties.
Entities required to file Form 1098-F must report details about the amount assessed, any amounts required for restitution, and other relevant information.
Important deadlines for form 1098-F
| Filing type | Deadline Date |
|---|---|
| Paper filing | February 28, 2025 |
| Electronic filing | March 31, 2025 |
| Sending Payer copies | January 31, 2025 |
Failing to file on time may result in IRS-imposed penalties, increasing the financial burden on the reporting entity.
👉Need to file Form 1098-F? Kindly refer our Form 1098-C instructions for further clarification and file on time.
Penalties
| Days Late | Penalty per Form | Maximum Penalty per Year | Maximum Penalty for Small Businesses |
|---|---|---|---|
| Filed within 30 days after due date | $60 | $683,000 | $239,000 |
| Filed more than 30 days late but by August 1 | $130 | $2,049,000 | $683,000 |
| International Disregard | $680 | No maximum limit | No maximum limit |
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About TaxZerone®
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