Taxpayers Urged to Wait for Missing Documents Before Filing Returns
As tax filing season is underway, the Taxpayer Advocate Service of the Internal Revenue Service (IRS) is encouraging taxpayers to wait until they have received all of their tax forms before filing their returns. This is to avoid having to file an amended return and facing delays in receiving a refund.
The Taxpayer Advocate Service published a post emphasizing the importance of waiting to file until all final income documents are received. They noted that amending a tax return to report additional income can take months to process.
Among the common tax documents that taxpayers should be on the lookout for are:
* W-2 forms, which report a worker’s total compensation, taxes paid, contributions to retirement accounts and other payroll deductions
* 1099 forms, which come in several types, including the 1099-INT for interest income, 1099-DIV for dividend income, and 1099-R for distributions from an annuity or retirement account
* 1099-K forms, which report income received from selling items through financial platforms
* 1099-G forms, which are received by those who have received unemployment compensation
* 1099-MISC forms, which report miscellaneous income such as royalties and prizes
* SSA-1099 or SSA-1042S forms, which are received by retirees and taxpayers who receive Social Security benefits
* 1098 forms, which report mortgage interest paid and insurance premiums
* 1098-E forms, which report interest paid on federal student loans
* 1098-T forms, which report tuition and expenses paid
* Schedule K-1 forms, which are received by business owners, co-owners, partners, shareholders and investors
Taxpayers who do not receive their income forms by mid-February should contact their employer, bank, or financial institution to request the missing form. The IRS also has resources to help taxpayers secure missing forms.
Savvy taxpayers are advised to make a list of the forms they expect to receive to ensure they are all accounted for before filing their tax returns. Taxpayers have until April 15, 2025, to file their individual tax returns or request a six-month extension to file. Those who request an extension must still pay any anticipated tax payments by the deadline.
