What to Do If You Don’t Receive Important Tax Documents

It’s getting to be that time of year again—tax time. And although it’s (probably) no one’s favorite holiday to celebrate, Tax Day, like any other annual event, does require some preparation.

But what happens if you don’t have all your tax information ready to go for April? While keeping track of everything can be a headache, the good news, most of your tax information is probably recoverable, even if it doesn’t show up on time. Here’s what to do.

What Paperwork Do You Need to Keep for Taxes?

There are many different types of IRS forms that contain the information necessary to file a tax return. Which specific forms you’ll need will vary depending on your personal financial and demographic circumstances.

Employment and Income

For example, if you’re an employee working to earn wages at a company, your employer will need to supply a W-2 form , which shows both your income and the amount of money that has already been withheld for taxes. If, on the other hand, you’re an independent contractor, you’ll receive a different form—the 1099 , which reports self-employment income as well other types of income like interest and dividends earned on investments. Which, yes, means you might get a 1099 even if you’re an employee if you also have an investment account. There’s also such a thing as an SA-1099 , which shows how much has been received in Social Security benefits over the course of the year.

Deductions and Healthcare

Other common forms include the 1098 , which actually occurs in seven different variations and lists certain types of expenses that may be tax deductible, such as mortgage interest or student loan payments, and the 1095, which also occurs several variations and includes information pertaining to healthcare coverage. You may get a 1095-A if you have a healthcare plan off the Marketplace, a 1095-B if you have minimal essential coverage (i.e. Medicare or Medicaid), or 1095-C if you receive employer-provided health insurance.

What Do You Do if You Don’t Get Your Tax Forms?

Form 4852 , which serves as a substitute to form W-2, if the W-2 can’t be located.

What if You Don’t Get Your 1099?

Again, if you’re due to receive a 1099 from an “employer” for independent contracting wages, the first step is to reach out to the individual or entity directly. If you aren’t sure where the 1099 reporting your investment income is, try logging onto your online brokerage account and clicking around. Digital forms are often offered directly to account-holders online.

The good news is, you aren’t technically required to attach your 1099s to your tax return unless taxes were withheld from the payments reported on them. So if you have another record of that income—such as year-end account statements, in the case of investments—you may be able to file your taxes with that information. (That said, it may be worth double-checking your paperwork with a tax professional.)

What if You Don’t Get Your 1095?

If you don’t have your 1095, you can reach out to the source it should have come from to figure out where it is. For the 1095-A, log into your Health Insurance Marketplace account and look for the digital version of the form there; if you are expecting a 1095-B or 1095-C, you can reach out to your Medicare/Medicaid office or employer.

That said, this is another form that you might not have to include on your tax return at all. According to the IRS, you should only wait to file if you’re missing form 1095-A; the other two types, 1095-B and 1095-C, are not required.

What if You Don’t Get Your 1098?

This is another tax document that’s not formally required by the IRS—but it does contain information you probably want to include on your return, since it could translate to a tax deduction.

If you haven’t received your 1098 in the mail, one first step is to log into the account you have with the bank or lender that issued the mortgage or student loan. Again, digital tax documents are often offered directly to borrowers through the online portal. If you can’t find the documents yourself, call the lender’s customer service line. You might also be able to find the necessary numbers on your year-end statement.

If You Just Don’t Have Your Stuff Together On Time

file for an extension with the IRS, which involves—of course—a form: Form 4868 , to be exact. While filing the form gives you until October 15 to get your paperwork in order, keep in mind that it doesn’t give you an extended timeline on actually paying your taxes. Any money you owe to the government is still due on Tax Day.

Finally, if you use a tax preparer service, whether a human accountant or smart software product, keep in mind that they likely still have last year’s information on file, which may help fill in some gaps. Your professional tax preparer can also answer questions you have about properly filing this year’s return.

Organizing Your Finances The Easy Way

Tax time can be stressful even for the most organized among us, but if your money landscape is already a bit of a mess, finding the right financial products can make a big difference. For example, SoFi Money®, a cash management account, can help keep things nice and neat by offering you a bird’s-eye view of your spending habits. Plus, the Vaults feature can help you save for personalized goals, whether that’s an upcoming home repair or your next big vacation.
Learn more about how SoFi Money could help you Get Your Money Right®.


SoFi Money®
SoFi Money is a cash management account, which is a brokerage product, offered by SoFi Securities LLC, member FINRA / SIPC .
Neither SoFi nor its affiliates is a bank.
SoFi has partnered with Allpoint to provide consumers with ATM access at any of the 55,000+ ATMs within the Allpoint network. Consumers will not be charged a fee when using an in-network ATM, however, third party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
External Websites: The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
SOCO20121

Source: sofi.com

How to File for a Tax Extension

This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

Depending on your financial circumstances, you might have a lot of paperwork to get in order before April 15. If you feel like you just need more time, it is possible to file for an extension on your federal tax return.

But there are considerations to keep in mind. Most important, filing for an extension on your return does not mean you have more time to pay the taxes you owe. That money is still due to the government on the regular due date, and you may incur penalties if the payment is late.

Here’s what you need to know to file a tax extension for tax year 2020.

What Is a Tax Extension?

A tax extension extends the deadline for filing your federal tax return by six months, making the new due date Oct. 15. All you have to do to get an extension is file IRS Form 4868 by April 15.

Form 4868 from the IRS website, fill it out, and mail it in, along with a check for estimated income taxes owed. The document itself includes information about where to send the document, depending on where you live.

If you’re filing electronically with a tax preparation software product or using the services of a professional accountant, they can help you file for an extension using their system.

Finally, if you use the IRS’s electronic payment system, you don’t need to file Form 4868 to request an extension. According to the form itself, “The IRS will automatically process an extension of time to file when you pay part or all of your estimated income tax electronically.” This applies to both online and telephone payments.

Can I File for a Tax Extension If I Owe Money?

Yes, you can still file for a tax return extension if you owe the government money—but the money itself is still due on the original due date.

Unfortunately, there’s no way to file for an extension of taxes owed. Rather, you should pay as much as you can of your estimated taxes when you file for the extension on the return, and then contact the IRS directly to learn about your options for complete repayment.

How to Know If You Owe Taxes

You may be wondering whether or not you owe taxes to the government at all—and if so, how to find out how much. While self-employed individuals must estimate their taxes and pay on a quarterly basis, those who file using W-2 wage reports may not often do this kind of taxation math.

online tax account system that allows you to see how much you owe in taxes simply by logging in. This user profile also allows you to pay any owed taxes directly and takes only a few minutes to set up.

Finally, you can always call the IRS at 800-829-1040 to confirm any amount of back taxes you might owe.

The Takeaway

Filing for a tax extension isn’t difficult, it turns out—and indeed, many tax time to-dos aren’t actually that hard. It’s all about getting the knowledge you need to get things done right the first time. (And, OK, maybe a bit of Virgo-esque organization.)

That’s why SoFi put together a comprehensive resource portal for all things Tax Season 2021, from understanding how your student loans might affect your taxes to figuring out which of your retirement contributions are tax-deductible.

Ready to turn tax time into a breeze? Check out the Tax Season 2021 Guide today.


Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
External Websites: The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
SOCO20122

Source: sofi.com