By now you should have received all of your W-2s and 1099s from your employer and financial institutions. They are required to distribute these documents by January 31st. While you may file your tax return without the actual documents, it’s a good idea to obtain them to make sure you have the correct information.
If you haven’t received them yet, here’s what you need to do.
Missing W-2 Wage & Tax Statement
First, contact your employer. Usually they can get you another copy without much trouble. In many cases, you can even go online and print a fresh copy without waiting for the mail.
However, if February 14th comes and goes without receiving all of your W-2s, call the IRS at 1-800-829-1040 for help. The IRS will need your name, address, phone number, Social Security Number, dates of employment, and your employer’s name, address and phone number. The IRS will contact the employer for you and request the missing form. The IRS will also send you a Form 4852 that can be used to complete your tax return if you do not receive the missing W-2 to file your taxes.
If you received interest or dividend income, sold a stock or worked as an independent contractor, you’ll receive a Form 1099 for your tax return. IRS Form 1099 is used to document various forms of income other than wages. For example: interest, dividends, cancellation of debt, government payments (e.g., tax refunds), pensions, or contract labor income. Here are some of the most common types of 1099.
1099-A Acquisition or abandonment of Secured Property
1099-B Proceeds from Broker and Barter Exchange Transactions
1099-C Cancellation of Debt
1099-DIV Dividends & Distributions
1099-G Certain Government Payments
1099-H Health Insurance Advance Payments
1099-INT Interest Income
1099-LTC Long Term Care Benefits
1099-MISC Miscellaneous Income
1099-OID Original Issue Discount
1099-R Distributions from Pensions, Annuities, Retirement Plans, IRAs or Insurance Contracts
If you’re expecting a 1099 and don’t receive it by mid February, contact the payer’s customer service and arrange for a duplicate copy. The payer might not have a correct or complete address for you.
Banks may have tax documents available for downloading from their website, or you can call their customer service to get a new 1099 mailed to you.
Your broker will be able to mail you a copy of your 1099 to report stock trading and other investment activity. Or you might be able to download a copy from the brokerage website.
Exceptions for Not Receiving a 1099
There are some exceptions where you would not receive a 1099. If the amount of income is less than $600, a Form 1099 is not required. Also, if you’re self-employed and have incorporated your business, you might not receive any 1099s.
In other cases you might not receive a 1099 even though you received interest or dividends. Contact the payer. The income still needs to be reported on your tax return.
Fixing a Tax Return After You’ve Filed
On occasion, you may receive your missing W-2 or later receive a 1099 after you filed your return using Form 4852, and the information may be different from what you reported on your return. If this happens to you, you must amend your return by filing a Form 1040X (Amended US Individual Income Tax Return). Amended returns can be generated in Taxbrain by clicking the “amend” link located to the right of your return’s name on while viewing your accounts. For more information on filing an amended return, refer to IRS Topic 308 or “Need to Fix Your Tax Return?”.
As a Taxbrain customer, we can help you prepare an amended return at no additional charge. It’s easy – simply contact our Customer Support.
Not using Taxbrain yet and still confused about amendments? Don’t worry – We will still do our best to help you navigate through this complicated process. For more info, visit Taxbrain today.