Failure to file 1099-R

[Guest Cbanarer]

Does anyone know what the penalty is for failure to file a form 1099-R on time??

[Guest Dook]

Penalties which may be imposed by the IRS for late or no filing of Form 1099 are contained in Sec. 6721 as follows:

if late filing after February 28 but before April 1: $15 per filing;

if after March 30 but before August 1: $30 per filing;

if after July 31 or not at all: $50 per filing.

[Guest Bill]

Dook is correct, 6721 is for failure to file with IRS, however additional penalty of same amount under 6722 applies for failure to give the 1099 to the participant. Also, 6721 has de-minimus exceptions that can excuse that penalty, suggest you look at the code.