What IRS Form 1096 (2014) Is For
Form 1096, officially called Annual Summary and Transmittal of U.S. Information Returns, serves as the transmittal document that summarizes all paper information returns sent to the Internal Revenue Service. It serves as a “cover sheet” for each batch of forms, including Form 1099, Form 1098, Form 3921, Form 3922, Form 5498, and Form W-2G. This annual summary helps the IRS record the total number of forms, amounts reported, and filer identification details for each type of information return submitted during the tax year.
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When You’d Use IRS Form 1096 (2014)
You must file IRS Form 1096 (2014) when transmitting paper information returns instead of submitting them electronically.
Use IRS Form 1096 (2014) in these cases:
- Filing paper information returns: You are required to prepare and submit this form whenever you mail physical copies of Forms 1099, 1098, 3921, 3922, or W-2G to the Internal Revenue Service for the applicable calendar year.
- Reporting nonemployee compensation: You must file this form to summarize Form 1099-MISC submissions that report payments made to independent contractors or other nonemployees.
- Submitting Investment or Stock Transactions: You are required to include this form when reporting stock acquired through incentive stock options or employee stock purchase plans, using Forms 3921 and 3922.
- Amending incorrect filings: You must attach a new Form 1096 when submitting corrected information returns to replace those containing inaccurate amounts, names, or taxpayer identification numbers.
- Filing under approved deadline extensions: You must file this form when submitting paper information returns under an extension approved through Form 8809 instead of using the IRS FIRE electronic filing system.
If you have an unfiled federal income tax return, addressing it quickly can help minimize IRS penalties.
Key Rules or Details for the 2014 Tax Year
These essential filing requirements guided taxpayers and businesses submitting IRS Form 1096 (2014) for the 2014 tax year.
- Separate form requirement: You must prepare a separate Form 1096 for each type of accompanying form, such as one for Forms 1099-MISC and another for Forms 1099-INT.
- Electronic filing threshold: You are required to file electronically rather than on paper if you submit 250 or more information returns of one type; in that case, Form 1096 is not necessary.
- Filing deadlines: You must file most paper information returns, including Form 1096, by February 28, 2015, while retirement and savings account forms were due by June 1, 2015.
- Formatting standards: You must type the form using black ink in a 12-point Courier font, include decimal points in monetary amounts, and refrain from using photocopies or staples to comply with IRS scanning requirements.
- Matching filer information: Your business name, employer identification number, and address must match exactly across Form 1096 and all accompanying information returns to prevent processing delays.
- Mailing Address: Please mail the form to the correct IRS service center, located in either Austin, Texas, or Kansas City, Missouri, depending on your business's location.
Step-by-Step (High Level)
The following process outlines the proper way to complete and file IRS Form 1096 (2014).
- Gather documents: You must collect all information returns, such as Forms 1099, 3921, or 3922, that you plan to transmit for the tax year.
- Organize by type of form: You should group identical form types, as each category of information returned requires its own separate Form 1096.
- Fill in filer details: You must accurately enter your business name, address, and either your Employer Identification Number or Social Security Number in the designated boxes.
- Report totals: You should provide the total number of accompanying forms and the total amount reported, including any federal income tax withheld.
- Mark the correct checkbox: You must check the appropriate box indicating the type of accompanying form, such as 1099-MISC, 1099-INT, or 3922.
- Verify accuracy: Review each entry to confirm that all names, taxpayer identification numbers, and dollar amounts match the information on your other submitted forms.
- Mail by the due date: You must send the completed Form 1096 and the accompanying forms to the designated IRS address by February 28, 2015, or by the extended due date if you received an approved extension.
You might qualify for penalty abatement if you filed late or made a reasonable error on your submission.
Common Mistakes and How to Avoid Them
Avoiding these common errors ensures that IRS Form 1096 (2014) and its accompanying forms are accepted without delay or penalty.
- Mixing form types: Always prepare and submit a separate Form 1096 for each type of information return to prevent rejection by the Internal Revenue Service.
- Inconsistent filer information: Ensure your business name, address, and employer identification number match exactly across all forms to maintain data consistency and prevent processing errors.
- Missing decimal points: Always include decimal points and cents when entering monetary amounts to ensure accurate scanning and recording by the IRS.
- Using photocopies or non-scannable forms: Use only official IRS red-ink paper forms or authorized substitutes that meet publication standards to avoid unreadable submissions.
- Stapling or folding documents: Submit all paper forms flat and unbound, as staples or folds can interfere with IRS scanning systems.
- Duplicate filing: Maintain detailed filing records to avoid resubmitting the same information returns, thereby preventing confusion and duplicate entries.
- Filing late without an extension: Submit Form 8809 before the due date to request an extension when more time is needed for accurate filing.
If late penalties or balances are due, you may qualify for an IRS payment plan to spread out payments.
What Happens After You File IRS Form 1096 (2014)
After submission, the Internal Revenue Service scans and processes your Form 1096, along with the attached information returns, to record totals and match taxpayer data. The system compares recipient names, taxpayer identification numbers, and amounts with IRS records to confirm accuracy. If discrepancies are found, you may receive a notice requesting corrections or additional documentation. When all information is correct, the forms are processed without further contact.
To learn what to expect if the IRS finds an error or needs clarification, review our guide on the IRS collection process.
FAQs
What is the annual summary and transmittal for IRS Form 1096 (2014)?
The annual summary and transmittal is the summary page that accompanies paper information returns sent to the IRS, providing totals for the number of forms filed and the total amount reported. It serves as the official cover sheet when filing Form 1096 for the applicable tax year.
What is the due date for submitting IRS Form 1096 (2014)?
The due date for filing Form 1096 typically falls on February 28 of the calendar year following the year in which the reporting occurred. For example, Form 1096 for 2014 was required to be mailed to the Internal Revenue Service by February 28, 2015.
Can I use e-filing instead of mailing paper forms?
Yes, taxpayers may use e-filing through the IRS FIRE system instead of mailing paper forms; in this case, Form 1096 is not required. The instructions for electronic filing are provided on the official IRS page, which was last reviewed or updated to reflect current procedures.
How does IRS Form 1096 relate to filing information returns?
IRS Form 1096 summarizes the filing information returns for various payment types, such as contractor income, mortgage interest, or stock transactions. When filing information returns by mail, you must include this summary form, which is generally placed as the first page in the submission package.
