General Instructions for Certain Information Returns

Information returns (Forms 1099, W-2G, and 5498) are used by businesses and individuals to report payments they made to others during the tax year. These reports go to the IRS and the recipients, helping to ensure accurate tax reporting.

Who Must File Information Returns?

The obligation to file information returns depends on the type of payment, amount paid, and recipient's status.

Key Forms Covered:

  • Form 1099: Used to report various types of income, such as interest, dividends, and non-employee compensation.
  • Form W-2G: Used to report gambling winnings and certain other types of gambling income.
  • Form 5498: Used to report contributions made to IRA, HSA, and other qualified retirement plans.

Key changes for 2024:

  • Lowered e-filing threshold: If you have 10 or more information returns to file, you must now file electronically.
  • Updated due dates: Check the instructions for the specific form you're filing for accurate deadlines.
  • Revised penalty amounts: Failure to file or furnish information returns electronically may result in penalties.

Important Deadlines:

  • Electronic Filing: Due January 31, 2025 (postponed from January 30th due to a holiday).
  • Paper Filing: Due February 28, 2025 (with extensions available).
  • Furnishing Statements to Recipients: Due March 31, 2025.