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Form 1096

Form 1096: what you need to know for a successful 2019 tax season

This post was updated on January 2019

You’ve heard a lot about IRS Form 1096 in the past couple of weeks in relation to filing a 1099. There are reasons these forms always go together. We just figured it was about time someone unpacked why, and who better than us?

What is Form 1096?

IRS Form 1096 is a compilation form which provides totals for all returns you’re submitting to the IRS and other recipients. Form 1096 must be submitted for every type of information return you’re providing.

Who has to file Form 1096?

It depends on which one of the thirty information forms listed on the 1096 you’re submitting to the IRS or other recipients.

Filers include financial institutions, corporate or small business payroll, educational institutions, government units, insurance companies, brokers, mortgage lenders, real estate agent closing sales, multiple homeowners, subsequent loan holders, multiple lenders, small businesses, corporations, casino, lottery, racetracks and other gambling operations.

Form 1096 must accompany all PAPER filed Forms 1097, 1098, 1099, 3921, 3922, 5498, or W-2G. You must group the forms by form number and attach a separate form 1096 to each group of forms.

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Why do I need to file Form 1096?

The IRS requires that corporations or payers use this form in conjunction with other required informational forms when they are filing paper-based forms. It serves as a summary of informational returns that have been sent to the IRS for tracking purposes.

Is there a penalty if I don’t include Form 1096 with my informational forms?

If you file late, the penalty starts at $30 per informational return and depends on how late you submit Form 1096 and the form filings. Don’t forget to file the red scannable copy of Form 1096 to the IRS. If your copy is not scannable, you’ll be subject to a $50 fine.

Moreover, you’ll have to pay a fine if you file 250 or more 1099 forms on paper – this is yet another reason to try e-filing.

How many 1096 forms do I need to submit?

You should submit one Form 1096 for every group of form filings that you are sending to the IRS. Put the total number of forms for that single group on the 1096 form. And use additional 1096 forms for each additional group of form filings.

For example, if you are submitting ten 1099-A forms, then you would add that number in box 3 and an “x” in the appropriate form category in box 6. However, if you also need to submit 1099-B forms, you would use a new 1096 form.

When is Form 1096 due?

File Form 1096 together with Forms 1099 by the 31st of January, 2019.

How do I fill out Form 1096?

Add your company’s name and address, as well as the name of a primary contact and all of their contact information. Include either an EIN or Social Security Number.

Note: this information should be the same as in your Form(s) 1099.

Include the total number of forms that you are sending to the IRS and add that to Box 3.

In Box 4, enter the total amount of Federal income tax withheld on all the forms you are submitting.

In Box 5, enter the total amount of reported payments on all forms you are submitting.

In Box 6, enter an “x” in the box for the type of form you are submitting.

Add your signature and today’s date. Good to go!

And don’t forget that with PDFfiller you can fill out, e-sign, print, fax, email and save your Form 1096 in minutes.

Good luck with your taxes!

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