If you’re expecting a refund this season, it’s critical to file a complete and accurate tax return to avoid “extensive processing” and delays, according to the IRS.
One of the keys to error-free filing is to include all of your required tax forms, known as returns, that employers and financial institutions send each year, with copies going to the IRS and the taxpayer.
If you skip tax forms received by the agency, tax systems may flag your return and send you a notice in the mail, explained Shaneya Wilson, CPA and founder of Fola Financial in New York.
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“Missing tax documents will definitely cause refunds to be delayed,” Wilson said.
Whether you work with a tax professional or file yourself, here’s what you need to know about your tax forms—and when to expect them.
When to expect your tax forms
While most tax forms are due by Jan. 31, others aren’t due until mid-February or later, said certified financial planner John Lloyd, owner of The Wealth Planner in Fort Worth, Texas.
For example, the deadline for the 1099-B for capital gains and losses and the 1099-DIV for dividends and distributions is February 15. But some investment firms are getting extensions from the IRS for more time to validate the forms and avoid corrections, meaning they may not receive these forms until March, Lloyd said.
If you need a corrected form, it can slow down your application process because it takes time for the investment firm to update and reissue your documents, he said.
Regardless of your situation, it’s important to have all the necessary forms on hand before you file, Lloyd said. “It’s 1,000 times better” to file correctly the first time, he added, noting that IRS notices can take months to resolve.
View last year’s score page by page
If you’re not sure what tax forms to expect, experts say last year’s tax return is a great starting point.
“I go page by page with the previous year and the current year.” [returns]” said Marianela Collado, CFP and CEO of Tobias Financial Advisors in Plantation, Fla. She’s also a CPA. “It’s always a good check,” she said.
For earnings, some of the common forms include the V-2 for wages, the 1099-NEC for economic or contract employment, the 1099-G for unemployment income, and the 1099-R for retirement plan distributions.
In 2022, you probably won’t get a 1099-K for payment apps like Vemno or PayPal unless there were more than 200 payouts totaling over $20,000. If you receive this form in error, the IRS says it is working on guidelines.
Of course, it’s also important to make sure the numbers on your tax return match those on your 1099, because “that’s something that could cause a delay,” Collado said.
For tax credits, you may need Forms 1098 for mortgage interest, 5498 for Individual Retirement Account deposits, 5498-SA for Health Savings Account contributions, 1098-T for tuition, 1098-E for student loan interest, and more a lot of it.