Missing Tax Documents? Here’s What You Need to Do

Financial tips

Missing Tax Documents? Here’s What You Need to Do

Posted by Infinite Wealth Advisors, LLC
1 month ago | March 8, 2021

Tax season is no one’s favorite, but it’s a part of life for all of us. So you’re probably getting ready to file your 2020 income tax returns sometime within the next month or so. But what happens if you don’t receive all of the important documents you need to complete this task? Here’s what you need to know.

First of all, on the most basic level you will need proof of your income for the year, which will arrive in the form of a W-2 form (for employees) or 1099 (for contractors). If you receive interest or dividends on certain investment accounts, you should also receive a 1099 for those. Social Security beneficiaries will receive a form called SA-1099. This tells you how much you received in benefits over the previous year.

You also need to document certain deductions, such as mortgage interest and student loan payments. These are reported via a 1098 form that you should receive in the mail.

Finally, healthcare coverage must be reported according to regulations set forth by the Affordable Care Act. You will receive a form 1095-A, 1095-B, or 1095-C, depending upon the type of coverage you had for the year. Currently, the penalty for failing to maintain health insurance coverage is set at zero dollars on the federal level, but you are still required to provide this information on your tax return.

Employers and other institutions that issue these forms are required to mail them by January 31, and they should arrive to you by mid-February. Now that March has arrived, it is possible that you’re missing a form and want to know what you should do.

If you’re missing your W-2, contact your employer. If they issue forms digitally, take a second look through your email inbox to be sure you didn’t overlook it. But if you can’t locate your form that way, call the IRS at 800-829-1040.

For 1099 and 1098 forms, contact the institution that should have issued them. But you can also file your tax return using year-end account statements if you have those. Logging into your online portal for those accounts might also help you access the information.

Finally, contact the issuing institution about missing 1095 forms. If you’re missing 1095-B or 1095-C, you can actually file your return without them.

We hope this information helps clear up any questions you have about missing tax forms. If you have other questions about retirement income or taxes on Social Security benefits, work closely with us throughout the year so that you don’t experience surprises during tax season.

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