Employers must send completed Forms 1099 to employees by Jan. 31 of each year, according to TurboTax. Upon receipt, employees must then submit the Form 1099 to the IRS by Feb. 28 if filing by paper, or by March 31 if filing electronically, as stated by the IRS.
To be considered officially on time, forms must be postmarked by the due date or by the next business day if the due date falls on a weekend or federal holiday, according to Forbes.
Also known as information returns, Form 1099 is used to report any earned income outside of a regular salary, as explained by TurboTax. A common variant is Form 1099-MISC, which is used by freelancers or independent contractors to report yearly business income over $600, according to Investopedia.