fbpx Skip to main content

This post may contain affiliate links which may compensate us based on your interaction. Please read the disclosures for more information.

Ignoring the problem won’t do you any good. 

Image source: Getty Images

There’s a lot of different information that goes into filing taxes. Not only do you need to report the income you earned from your job, but you also need to report income you earned elsewhere, such as interest in your savings account or capital gains in your brokerage account.

Also, if you’re itemizing on your tax return, as opposed to claiming the standard deduction, you’ll need certain information so you know what to write off. If you own a home, for example, you’ll need a summary of the mortgage interest you paid the previous year.

Companies and entities are supposed to issue tax forms like 1099s by Jan. 31. That generally gives filers plenty of time to get their tax returns done by mid-April, which is when they’re due. (This year, tax returns are due by April 18.)

But what if you’re still missing a number of important tax forms at this stage of the game? Ignoring the problem isn’t the answer, so you’ll need to be proactive.

Reach out and ask

If you’re missing a tax form from a financial institution, like a bank or brokerage firm, your best bet is to first log into your account (if you have online access) and see if that form is available. Many entities no longer mail out tax forms, but rather, send them electronically. So it pays to check your spam filter to see if a tax form has gotten caught in it. But if not, logging into your accounts might give you easy access to a copy of any form you need.

If that doesn’t do the trick, reach out to the company or entity you’re missing a form from and follow up. It may tell you there was a delay, or it may tell you it mailed out your form already and it must have gotten lost. Either way, the entity should, ideally, be able to remedy the problem and reissue your tax form quickly.

What if you can’t get through to someone?

Let’s say the tax form you’re missing is one from a small business you did work from last year. Maybe you can’t reach someone in their accounting department about your missing 1099.

If that’s the case, don’t ignore the problem or decide you won’t report that income. That’s a bad idea — one that could get your tax return audited and eventually subject you to penalties for underreporting income.

Instead, comb through your bank account records and do your best to add up your earnings. That’s effectively the same thing as having a 1099 in your hands.

All income must be reported

Missing a tax form is not, in the eyes of the IRS, an excuse to not report income. So whether you’re missing a statement from your bank, brokerage account, or a company you did freelance work for, if you really can’t get your hands on a given tax form, do your best to generate that information yourself.

It’s also a good idea to involve a tax professional if you land in this boat. They may be able to advise you on how to best proceed in a scenario where your missing tax forms are unlikely to become available in time for the tax-filing deadline.

Alert: highest cash back card we’ve seen now has 0% intro APR until 2024

If you’re using the wrong credit or debit card, it could be costing you serious money. Our experts love this top pick, which features a 0% intro APR until 2024, an insane cash back rate of up to 5%, and all somehow for no annual fee.

In fact, this card is so good that our experts even use it personally. Click here to read our full review for free and apply in just 2 minutes.

Read our free review

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

 Read More 

Leave a Reply