You dutifully place tax documents in your file folder as they arrive throughout the month of January. January is past, so you look through the file before taking it to your tax preparer, and discover the mortgage statement from your bank is missing. No, it is not time to panic. These things happen. You may have mislaid it. The mail could be slow or it got damaged in transit. The dog may be responsible. There is no need to worry. Your various financial institutions have all the information you need. It’s just a matter of contacting them and getting a replacement.
The first step is to understand the due dates when institutions are supposed to mail documents by. Most documents need to be mailed by January 31. If the deadline falls on a legal holiday or a weekend the deadline moves to the next business day. You also need to allow time for the postal service to deliver the document to your home or legal address. There are some exceptions to the January 31 date. Some 1099s have a February 28 deadline. K-1s from a partnership or S-Corp are due by March 15 (or the 15th day of the 3rd month of the tax year). The deadline for 1099-Bs is February 15 (But the 17th this year because the 15 falls on a Sunday and Monday the 16th is Presidents Day). Once you’ve determined that a document should have arrived by now, it’s time to start chasing down the missing documents.
The next step is to inventory the documents you should have received. A review of your previous year’s tax return will help you compile your list. Then add in any jobs or financial institutions you added during the year. While not exhaustive, here is a list of what you should be looking for: W-2s, 1099s from financial institutions, Social Security statements, 1099s from IRA distributions, Health Savings Account statements (both contributions and distributions), 1098-t mortgage interest statements, K’1s, 529s and charitable contributions. If you’re not sure, put it in the file. Your tax preparer can determine what is useful and needed.
If you worked for someone during the year, you should have received either a W-2 or 1099. Contact the person or business directly and have them issue a replacement. If you still don’t receive one call the IRS for help at 800-829-1040. You can also use your final paystub for the year to estimate wages and file Form 4852 with your return.
The easiest way to get documents from a financial institution is to access your account online and find the documents section. What you are missing should be there for you to download. If the document is missing, call the institution to see why it is missing. They may not have been required to supply the documents. An account that has less than $10 in earnings for the year does not require a 1099 nor do you need to report these small amounts as income.
Remember, the earlier you assemble all your documents, the earlier you can get them to your tax preparer, the earlier your return can be filed, and you get your refund (if one is due). This should be motivation enough for you to track down the missing documents.