401(k) Forms 1099-R / 1096

Geek Out!


Correcting Form Failures

If you fail to file a correct information return by the due date and you cannot show reasonable cause, you may be subject to a penalty.

The penalty applies if you fail to:

The penalty also applies if you:

Penalty Amounts

The amount of the penalty is based on when you file the correct information return.

For tax year 2023 (returns due in 2024), the amount of penalty is as follows:

For these purposes, a “small business” is one with average annual gross receipts for the most recent three tax years that do not exceed $5 million.