Increased Late Filing Penalties for Forms W-2 and Forms 1099 Reporting Mineral Royalties
January 29, 2024
The 68th Montana Legislature passed Senate Bill 303, increasing the late filing penalties for Form W-2 and Form 1099 reporting Montana mineral royalties. These penalties go into effect for forms due in 2024.
The Form W-2 late filing penalty was previously $5 per Form W-2, with a minimum penalty of $50. The new law increased the penalty to $50 per Form W-2, with a minimum penalty of $250. Forms W-2 for tax year 2023 are due January 31, 2024.
The Mineral Royalty 1099 late filing penalty increased to $150 per 1099, with a minimum penalty of $1,000. Previously, the late filing penalty for Forms 1099 reporting mineral royalties was $50 per Form 1099 with a minimum penalty of $1,000. Forms 1099 reporting mineral royalties for tax year 2023 are due January 31, 2024.