Missing Tax Documentation – Tax season can be a miserable time for many people. The headache only gets worse if you are missing certain documents or if you have lost them. Trying to get everything in and done by April 15th is often a struggle, and finding out that you don’t have what you need can add to the pressure. Fortunately, the government has issued filing extensions for the 2020 filing season because of the COVID-19 pandemic. If you are still trying to locate your documents, here are some tips for getting your paperwork back on track.
Missing W-2
A W-2 is the report from your employer concerning how much you maid during the tax year and how much tax was withheld on your behalf. Employers are required to provide employees with this paperwork by January 31st, but sometimes employers see the date of the 31st as the deadline for releasing the paperwork. If you have a lost W2 or it never showed up, you need to ask your employer for another.
What Is E-Filing Income Tax Returns?
This means contacting the HR or payroll department. Employers are starting to offer electronic access to this form, so check your spam email or old emails before you head over to HR.
If you are unsuccessful in working directly with your employer for a replacement, you can also try the IRS. While the IRS may be able to contact your employer on your behalf over the missing document, you can also file an IRS Form 4852. This is a substitute W-2, one that is often used by those whose employer has gone out of business or by those who are facing the filing deadline. If you have access to your final paystub for the tax year, you may be able to get the figures needed to complete the Form 4852.
Missing Old Tax Returns
It is recommended that you hold on to the last seven years of tax returns. You will need the prior year’s information to file your current information. If you have misplaced your copy of a return, you can contact the IRS for a tax transcript. This isn’t the same as a photocopy of your prior return, but it does contain a good bit of information. This will most line items from federal return for the current year. It also shows the returns processed during the last three years. It shows basic data like your adjusted gross income for the current year and dating back to the last years. Fortunately, it is free to request a copy from the IRS.
You can also check with your tax preparer or the tax software you use for a copy of prior returns. Tax professionals often keep them on file. It may take a few days for the office to get back to you with your request. Some of the at-home tax prep software, like Intuit or H&R Block, produce a PDF file of your completed tax return that can be downloaded and saved to a file or retrieved after logging back into the system. It is worth the extra money to pay for a service that provides free copies or saves for future access.
Missing 1099 or 1098
A 1099 is a document that records how much money an individual or organization paid you. There are different types of 1099s, though the most common ones are issued for retirement or investment accounts, capital gains, and report dividends. These organizations have also moved to electronic access. Checking your email is the first place to start when looking for your form. You can usually use the tax-documents section of the investment website. Or a self-service portal to access another copy of the 1099. Your year-end account statement may also have the information needed. A 1098 is a form from the bank concerning the amount of interest paid on the mortgage, but the same principles apply for getting another copy.
You can lose a lot of time and sleep when worrying about missing tax documentation. Having a special filing system can help keep your organized whenever tax season rolls around each year.
