Missing Tax Paperwork?

Missing Tax Paperwork?

Have you started thinking about doing your taxes yet? I haven’t. Rather, as I do every year, I’ve just been tossing all of our tax forms in a pile as they arrive, and I haven’t paid much attention to what’s here vs. what’s missing.

But now that we’ve moved into February, you should have everything you need to file your taxes, as most everything is supposed to be in your hands by January 31st.

Here’s a quick rundown of forms that you might be expecting:

  • W-2 (for wages earned)
  • 1099-DIV (for dividends received)
  • 1099-INT (for interest earned)
  • 1099-MISC (for miscellaneous income)
  • 1099-B (for proceeds of broker transactions)
  • 1099-C (for cancellation of debt)
  • 1099-G (for government payments, including unemployment)
  • 1099-OID (for certain investment income)
  • 1099-R (for retirement distributions)

If your W-2 form is missing, you’ll need to check with your employer. If, on the other hand, you are missing a 1099 form, keep the following in mind:

For starters, a 1099-MISC is only required if you earned more than $600 from a given source over the course of the year. You might still get a 1099 even if you earned less than that amount, but if you don’t get one, don’t worry.

In contrast, 1099-INT and 1099-DIV forms are required for earnings in excess of $10. That being said, it’s quite possible that your bank or other financial institution has switched to electronic delivery, such that you need to login and download the forms.

You should also be aware that payments made to a corporation don’t require a 1099, regardless of the amount. Thus, if you’re self-employed and have incorporated your business, it’s quite possible that you won’t receive any 1099 forms related to your work.

Of course, you are still legally required to report all income whether or not you receive a 1099, so be careful… And if you do get a 1099, but don’t report the income, you’re just begging for an audit.

5 Responses to “Missing Tax Paperwork?”

  1. Anonymous

    Regarding the post about the 1099-K, I also received one as I sell a lot on Amazon. It is my understanding that the latest 2011 Instructions for Schedule C instruct us to ignore the figure from the 1099-K and enter 0 on line 1a, due to the confusion that this form has created. All gross income should be added on line 1b and determined the same way as years past.

  2. Anonymous

    We’re still waiting on our 1099-B, etc. from my husband’s brokerage account. I have everything else done and I’m just impatiently waiting on these forms. He called and asked about it and was informed that brokerages don’t have to get them in the mail until February 15th.

  3. Anonymous

    I was reading in a tax savings book for small business that the audit rate was around 3%. This is from a former IRS agent. I don’t know if that percentage is accurate as of today, but its a figure to work out. I’ve been audited once by the state and it wasn’t that bad since 99% (if not 100%) of my transactions occur online and everything is recorded.

  4. Anonymous

    If a 1099 is missing and you declare a few dollars less, due to an innocent mistake, I wonder how much of a red flag it is, when the IRS computer compares your tax form to its copy of your 1099? It would make me nervous to think the IRS knows something about my income that I don’t!

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