It’s March and I Don’t Have All of My Tax Forms Yet. Now What?

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You need certain tax forms to file an accurate return. Find out what to do if some of your key forms are missing. [[{“value”:”

Now that March has arrived, it’s time to get serious about filing your taxes. Being late with your return could have serious consequences if you end up owing the IRS money. And while you won’t be penalized for a late return if you’re due a refund, you’ll be penalizing yourself by delaying that money from hitting your bank account.

But what if you’re missing some key tax forms at this stage of the game? Generally speaking, employers are required to issue W-2 forms summarizing wages by Jan. 31. And that same deadline generally applies to 1099 forms. So if you don’t have all of the tax documents you need in hand at this point, it’s time to take action.

The tax forms you need may be waiting for you

There may be several 1099 forms you need to file your 2023 tax return. If you earned at least $10 in interest in a savings account, you’ll need a 1099 from your bank summarizing that income. And if you sold stocks at a profit or collected dividend income in your brokerage account, you’ll need a 1099 form for that, too.

If these forms never came in the mail, don’t assume they were never issued. It may simply be that you need to log into your accounts and access them there.

The same holds true if you’re missing Form 1098, which is your mortgage interest statement. If you log into your mortgage account, you may find that document sitting there waiting.

Reach out if you need tax help

If you don’t see your missing 1099 forms in your bank, brokerage, or mortgage account, contact the associated institution to follow up sooner rather than later. Similarly, if you’re missing a 1099 from a client you did freelance work for, contact them to request that document ASAP.

Remember, companies are not required to issue 1099 forms if they paid you less than $600 in wages. You still have to report the income to the IRS in that case, but there may not be an official form to go along with it.

If you’re missing a W-2 from your current employer, your best bet is to knock on the door of whoever runs your payroll or accounting department and follow up with them directly. You may also have to chase down a former employer if they failed to issue you a W-2. But since you’re generally required to include a copy of your W-2 along with your actual tax return, that’s an important form to have.

Some forms might take longer to come

In some cases, you might hold investments or be part of a business partnership that requires a K-1 tax form to be issued. These forms, however, generally aren’t due until March 15. So it’s conceivable you may not have yours by early March. However, if that form remains missing by mid-month, definitely follow up.

All told, you need the right tax forms to file an accurate tax return. If you’re missing some of that information, don’t wait to track it down. The longer you delay, the more you risk running up against the April 15 tax-filing deadline without having all of the information you need.

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