Taxpayers Urged to Wait for All Tax Forms Before Filing to Avoid Delays and Errors
As tax filing season is underway, the Taxpayer Advocate Service of the Internal Revenue Service (IRS) is advising taxpayers to wait until they have all of their tax forms before filing to avoid delays and errors. This comes as Congress is considering a single reconciliation bill, certification of the 2024 election, and the reauthorization of the House Select Committee on the Chinese Communist Party.
The IRS warns that amending a tax return to report additional income missed on the original return can take months to process. As a result, it’s essential to have all final income documents before filing.
Taxpayers should be on the lookout for several common documents, including the W-2 form, which reports a worker’s total compensation, taxes paid, and other payroll deductions. Other common forms include the 1099, which comes in several forms, including the 1099-INT, 1099-DIV, and 1099-R, and reports income from various sources such as banks, financial institutions, and retirement accounts.
Other important forms include the 1099-K, which reports income from selling items through financial platforms, and the 1099-MISC, which reports miscellaneous income like royalties, rents, and prizes. Retirees and those receiving Social Security benefits should also be on the lookout for forms SSA-1099 or SSA-1042S, while those with federal student loans will receive form 1098-E.
The IRS advises taxpayers not to file until they have received all of their tax forms, and to contact their employer, bank, or other entity if they do not receive their income forms by mid-February. The IRS also has resources to help taxpayers secure missing forms.
The Illinois CPA Society recommends that taxpayers make a list of the forms they expect to receive to ensure they are all accounted for before filing their tax returns. The deadline for filing individual tax returns or requesting an extension is April 15, 2025, with those who request an extension still having to pay any anticipated tax payments by the deadline.