2024 Federal tax form updates: What you need to know

As the year comes to a close, businesses must prepare for important changes to federal tax forms for 2024. To help you navigate these updates, we’ve outlined the key modifications and filing requirements so you can stay compliant.

Key tax form changes for 2024

Several commonly used tax forms have been updated this year, including:

1099-MISC (Miscellaneous Information)
1099-NEC (Non-employee Compensation)
1099-G (Certain Government Payments)
1099-INT (Interest Income)
1099-DIV (Dividends and Contributions)
W-2 (Wage and Tax Statement)
Form 941 (Employer’s Quarterly Federal Tax Return)

Additionally, new electronic filing requirements mandate that businesses filing 10 or more returns must submit them electronically.

Specific form updates

Here’s a closer look at what’s changed:

W-2 updates

Record layouts for RO (Employee Optional) and RU (Total Optional) have been updated to include Box 12 Code II for Medicaid Waiver Payments.

Form 941 updates

Lines 5a (i) and 5a (ii) for qualified sick leave wages and qualified family leave wages have been removed.
Line 11a has been modified to reflect the qualified small business payroll tax credit for increasing research activities.
Numerous COVID-19-related credits have been removed and can no longer be claimed.

1099 series updates

Forms now include a blank calendar year field for 2024, which will be automatically printed by our programs.
Copy C (for payer) of these forms is no longer provided on the IRS site.

2024 Tax filing deadlines

Forms 1098, 1099 and 1099-MISC must be filed electronically by March 31. Form 1099-NEC must be filed by January 31.