The arrival of tax season signals the influx of various tax reporting forms crucial for filing accurate returns. While the official start of the tax season may vary annually, understanding the deadlines for receiving and submitting these forms is essential. This comprehensive guide outlines the key due dates, potential challenges in receiving forms, and the steps to take when forms are missing or incorrect. A key form, the W-2, which reports wages and withholdings, typically arrives by the end of January. It’s important to remember that if the due date falls on a weekend or holiday, the deadline shifts to the next business day.
Beyond the W-2, a myriad of other tax forms exist, each serving a specific purpose and adhering to its own deadline. These forms include 1099-INT for interest income, 1099-DIV for dividends, 1099-MISC for miscellaneous income, 1099-B for broker and barter exchange transactions, 1099-NEC for nonemployee compensation, 1098-C for contributions of motor vehicles, 1098-T for tuition statement, W-2G for certain gambling winnings, 1099-R for distributions from pensions, annuities, retirement or profit-sharing plans, IRAs, insurance contracts, etc, 5498 for IRA Contribution Information, Schedule K-1 for reporting income from partnerships, S Corporations and trusts and estates, SSA-1099 for Social Security Benefit Statement, SSA-1042S for Social Security Benefit Statement (Non-Resident Aliens) and finally Form 1095 for Health Insurance Coverage. These forms are typically due to taxpayers by the end of January or early to mid February, although some, like those related to savings bonds or car donations, might be issued earlier. These deadlines are for furnishing the forms to taxpayers; the deadlines for submitting them to the IRS may differ.
Several factors can influence the timely receipt of tax forms. Some forms might have been issued earlier than the standard deadlines. For instance, forms related to savings bond redemptions or car donations to charities are often provided at the time of the transaction. Increasingly, taxpayers opt to receive their tax forms electronically. It’s crucial to verify whether you’ve consented to electronic delivery and check your email inbox, including spam folders, to ensure you haven’t missed these digital documents. Furthermore, beneficiaries of trusts or estates or participants in pass-through entities like partnerships and S corporations should expect their K-1 forms later, as these entities need to finalize their own tax filings first.
If a tax form hasn’t arrived by the due date, several steps can be taken to retrieve it. Begin by thoroughly checking your records, mail, and workplace, as misplaced forms are a common occurrence. If the form is genuinely missing, contact the issuing entity directly. This could be your employer, bank, brokerage, or other relevant institution. Oftentimes, the issue is a simple address error or mail mishap, easily rectified by the issuer providing a replacement form. If an employer is no longer in business or has relocated, attempt to contact them at their last known address, search online for updated contact information, or utilize resources like the IRS to track down the necessary information.
If direct contact with the issuer proves unsuccessful, the IRS can assist in obtaining missing forms. However, it’s recommended to wait until the end of February before contacting the IRS about missing forms. When you do contact them, be prepared to provide detailed information about yourself, your employment, and the missing form, including your Social Security number, dates of employment, employer information, and estimated earnings and withholdings. The IRS will then contact the employer on your behalf and provide you with Form 4852, a substitute for the missing form. If the original form still hasn’t arrived by the tax filing deadline, file your return using Form 4852. Should the original form arrive later with different information, you’ll need to file an amended return using Form 1040X.
Specific procedures apply to missing Social Security benefit statements (Forms SSA-1099 or SSA-1042). Starting in February, these forms can often be accessed online through the Social Security Administration’s website. If this isn’t possible, contact the SSA directly, not the IRS, for assistance. For individuals residing outside the U.S., Federal Benefits Units can provide support in obtaining these forms. It’s important to note that Supplemental Security Income (SSI) payments are not taxable, so no tax form is issued for recipients whose sole income is from SSI.
A crucial piece of advice is to postpone filing your tax return until all necessary tax forms have been received. While you might believe you know the information contained in the forms, discrepancies can arise. Filing prematurely not only complicates the process for tax preparers but also potentially violates IRS regulations that prohibit e-filing without certain forms like W-2s, W-2Gs, and 1099-Rs. Moreover, filing with incomplete or inaccurate information can increase the risk of an audit, as the IRS cross-references the information on your return with the data submitted by employers and other payers. Matching these forms ensures accuracy and reduces the likelihood of IRS scrutiny. Therefore, patience in gathering all necessary tax forms is essential for a smooth and accurate tax filing process.
