Tax Forms Needed to File Your 2022 Return and When to Expect Them
If you are expecting a refund this season, it is very important to file a complete and accurate tax return to avoid “extensive processing” and delays. according to the tax office.
One of the keys to error-free filing is to include all required tax forms, known as information returns, that employers and financial institutions submit annually, with copies sent to the IRS and taxpayers.
If you miss tax forms received by the agency, the IRS systems can flag your return and send you a notification by mail, explained Shenea Wilson, a certified public accountant and founder of Fola Financial in New York.
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“Not having tax documents will definitely delay the refund,” Wilson said.
Whether you work with a tax professional or file on your own, here’s what you need to know about your tax forms and when to expect them.
When to expect your tax forms
While most tax forms have a January 31 filing deadline, others don’t have to be submitted until mid-February or later, according to certified financial planner John Loyd, owner of The Wealth Planner in Fort Worth, Texas.
For example, the deadline for 1099-B for capital gains and losses and 1099-div for dividends and distributions – 15 February. But some investment firms receive additional time from the IRS to review forms and prevent corrections, meaning you may not receive those forms until March, Loyd said.
If you need an amended form, it can slow down the filing process as it takes time for the investment firm to update and reissue your documents, he says.
Regardless of your situation, it’s important to have all the necessary forms on hand before filing your return, Loyd says. It’s “1,000 times better” to get the paperwork right the first time, he added, noting that IRS notices can take months to process.
View last year’s report “page by page”
If you’re not sure what tax forms to expect, experts say last year’s tax return is a great starting point.
“I go through page after page with the previous year and the current year [returns]said Marianela Collado, CFP and CEO of Tobias Financial Advisors in Plantation, Florida. She is also a CPA. “It’s always a good check,” she said.
For earning some of the common forms include W-2 for wages, 1099-nek for contract or gig economy, 1099-G on unemployment income and 1099-r for the distribution of pension plans.
In 2022, you probably won’t get a 1099-K for payment apps like Vemno or PayPal unless there were more than 200 payments totaling more than $20,000. If you received this form in error, IRS saidhe’s working on a guide.
Of course, it’s also important to make sure the numbers on your tax return match the numbers on your 1099 form because “this could lead to a delay,” Collado said.
Regarding tax credits, you may need forms 1098 mortgage interest, 5498 contributions to individual retirement accounts, 5498-CA for contributions to a health savings account, 1098-T for studying, 1098-E student loan interest and more.
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