06 Apr Should I send a late 1099 form to the IRS?

Q. The bank that managed my pension from a large medical institution failed to send me a 1099 on a timely basis. Because I knew the exact amount and I had paperwork to document the pension payments to me, I had my tax preparer file for me without actually seeing the 1099. I plan to send a check for the money I owe soon. Now, I have finally received the 1099. Should I keep it for future reference, ask the tax preparer to send it in, or send it in myself with my payment? I had a massive amount of medical deductions last year, and while all were legitimate and can be documented, I don’t wish to draw any undue attention from the IRS this year.
— Taxpayer

A. We get not wanting the IRS to pay extra attention to your tax return.

We’re going to assume that the delayed Form 1099 for your pension reports exactly what is reflected on your tax return, including any withholdings for federal or state tax.

The responsibility to file Form 1099 with the IRS and the state lies with the reporting institution, said Cynthia Fusillo, a certified public accountant with Peapack Private Wealth Management in Morristown.

Therefore, she said, you should not submit it along with your payment or tax return.

“The only time you would include a copy with your return is if that return is filed on paper and there was withholding deducted from the pension payments,” she said. “This is becoming more and more rare of a scenario as tax preparers, in most cases, are required to electronically file clients’ tax returns.”

Importantly, the late filing of this Form 1099 is in no way a red flag for your tax return, Fusillo said.

“If it was filed beyond the due date, the issuer could face a penalty, but you won’t,” she said.

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This story was originally published on April 6, 2023.

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