By now, you should have most of your 2017 tax return documents in hand or they are in the mail on their way to you. But where are the rest of your tax forms?
Use our tax prep checklist to take inventory of the documents you are expecting. Missing any? If you agreed to electronic communication or paperless statements with any of your accounts, there may not be a paper tax form coming. Log in to any accounts that you manage online and look for tax forms there. Double check your email as well to make sure they weren’t caught in the spam filter.
Most tax forms are issued by January 31
Form W-2, W-2G, 1098s, and most 1099s must be issued to taxpayers by January 31, 2018. If you donated a vehicle worth over $500 last year, a Form 1098-C should have been furnished by the charity within 30 days. If you cashed in savings bonds, check back through your records as you may have been issued a Form 1099-INT then. If you are expecting a Form 1099-B or a Form 1099-MISC for attorney fees, these forms can be sent as late as February 15th.
Where’s my Health Coverage Form?
Insurance providers and self-insured employers were granted a 30-day extension this year, and have until March 2, 2018 to issue Forms 1095-B and 1095-C. While the IRS does not require that you have these forms in hand to file, your tax preparer will need to verify the information on it before they submit your return. Your return can be prepared and then e-filed when your Health Coverage Form arrives.
Missing an income statement?
If you don’t receive your W-2 by mid-February and it wasn’t sent to you electronically, contact the employer first. Verify if it was sent and that they have the correct address. If you cannot straighten it out with your employer you can call the IRS directly at 1-800-829-1040 after February 27. You will need your personal information, the employer’s name, address, and phone number, the dates you worked for the employer, and your final paystub of 2017.
If you think you are missing a Form 1099-MISC, double check that you were supposed to receive one. If you do freelance work and were paid less than $600 by a client, they are not required to furnish this form (you still need to report the income). If you get paid through a payment processor like PayPal or a credit card merchant servicer, you might receive a Form 1099-K from the processor but probably won’t receive anything from the client. If you should have received a Form 1099-MISC, contact the issuer first and attempt to get one before escalating to the IRS.
Even if you can’t resolve any issues by April 17th, do not neglect to file! You are legally required to file either your return or an extension by the due date regardless of missing forms. Call our office for an appointment and we can help you file using a substitute wage statement form issued by the IRS or file for an extension.
Late Arriving Tax Forms
If you are a part of a business partnership, a shareholder of an S corporation, or the beneficiary of a trust or estate you will be receiving a Schedule K-1. Because these forms can not be generated until the business or trust has filed their own tax return, they are often not issued until after the April tax return due date. Check with the business, trustee, or executor to find out when it can be expected and contact us if you will need to file an extension.
Form 5498 and 5498-ESA
If you made any contributions or rollovers to an IRA you should be receiving Form 5498. Because you can contribute to your IRA for the 2017 tax year up until the 2018 filing deadline, this form can be issued as late as May 31st. If you made contributions to a Coverdell Education Savings Account, you could be waiting until April 30th for Form 5498-ESA.
Wait until all your tax return documents arrive before filing to avoid needing to amend your return. If you anticipate your documents won’t arrive on time, give us a call at 860-216-2195 and we will help determine if an extension will be necessary. Our calendar is filling up quickly, so if you have all your forms in order schedule your appointment now. Having your tax return prepared early in the filing season leaves more time before the April 17th deadline to catch and sort out any issues that arise, gets you your refund faster or gives you more time to pay what you owe, and helps protect any refund from identity thieves.