What can you do if you have missing or incorrect tax documents?
Posted on April 7, 2021
Most taxpayers should have received some or all of the following income documents near the end of January or in early February:
- Forms W-2, Wage and Tax Statement
- Form 1099-MISC, Miscellaneous Income
- Form 1099-INT, Interest Income
- Form 1099-NEC, Nonemployee Compensation
- Form 1099-G, Certain Government Payments; like unemployment compensation or state tax refund
But what do you do if you are missing one or several forms you need for filing your taxes by May 17th?
Here’s what to do and whom to contact, according to Teipen CPA Group:
- Missing or incorrect W-2s or Form 1099s? Contact your employer, payer, or issuing agency and request the missing documents.
- What if May 17th is looming and you still don’t have the correct forms? You still must still file your tax return on time. How? By filing an incomplete or amended return using Form 4852, Substitute for Form W-2, Wage and Tax Statement or Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.
- You can also estimate the wages or payments you believe you earned, as well as estimating any taxes withheld. You also use Form 4852 to report estimated information on your federal tax return. (Need help estimating? Ask your CPA for help.)
After filing and as soon as you receive any missing or corrected W-2 or 1099s, you must bring all new (or differing) information to the attention of The IRS. To do so, file Form 1040-X, also called an Amended U.S. Individual Income Tax Return.
What if you received Unemployment benefits during 2020?
Lots of people received unemployment compensation for the first time in 2020 and may be confused about whether taxes are owed on unemployment benefits. Normally, unemployment benefits are taxable. However, for 2020 only if your income is below a certain level, some of the benefits may be tax-free. If you received unemployment during 2020, you likely received Form 1099-G for unemployment benefits showing your unemployment compensation for the year. These forms must be included on your tax return.
If you received an incomplete or incorrect Form 1099-G or didn’t receive one at all, contact your issuing state agency (Indiana.gov) to request your forms. If you are unable to obtain a timely, corrected Unemployment compensation form, should still file an estimated tax return, reporting the income you received.
According to the CPAs at Teipen CPA Group, you must always file your taxes on time to the best of your ability — even if that means guesstimating some of the information you cannot find or don’t yet have access to. You can always re-file after May 17th with your correct information.
Confused or need help? We’re here with up to date information, needed forms, and experienced assistance to make your tax preparation as easy (and accurate) as possible.