What Happens with Missing W-2 and 1099s

With tax season officially upon us, now is the perfect time to review some best practices for navigating your returns and paperwork. Didn’t receive your W-2? Not sure if you’re missing a 1099 Form? Skipping these details can mean trouble later on.

What To Do About a Missing W-2

Hopefully it doesn’t come as a surprise that a missing W-2 isn’t a reason for ignoring your tax filings altogether. You still have to report that income, and if you don’t, a regular audit can quickly become a nightmare. Whether your employer submitted the right paperwork or not, it’s still your responsibility to outline exactly what you earned last year. The same thing matters if a client doesn’t provide you with the correct 1099 Form.

Since you still have to report that income—and all income—what are you supposed to do about a missing document? For starters, follow through the actions on this list. Then you’ll be in a better position to make sure that nothing else is overlooked:

1. Write a quick checklist. 
Creating a list of all of the employers, clients, or odd jobs you completed last year can help you review your final tally for what you need for your W-2, 1095, 1098, and/or 1099 Forms. Are you waiting for a dozen of these documents? Or just one or two? Being able to put a checkmark next to each item on your list can keep you on track and make sure everything has already been received. It also makes it easier to identify who you need to follow-up with about any missing documents.

 

2. Review your own records. It’s better to be safe than sorry. Being able to reference your own income records will help you confirm whether you are (or aren’t) missing important files. Plus, it lets you make sure that whatever your employer and customers are listing for your income are actually correct. A numerical mistake can be just as problematic as a document that’s completely missing when you file your taxes.

 

3. Get forms corrected, if needed. Whenever you catch an error, be sure to reach out and get those changes made before you file. Notify your employer or customer so they can update their records, and then see if you can get that form reissued, if needed. It’s better to get it done right the first time rather than going back for revisions during an audit. You can always file an extension if you’re running short on time for the regular tax deadline. Then you can just finish filing when you receive the corrected form.

 

4. Always be honest. Even when errors arise, be sure to report the correct information. It doesn’t matter whether you’re missing a form entirely or you’ve spotted a number that doesn’t match your own records: Report the right details.

 

Meet Your Fishers Accounting Team!

Dealing with mismatched numbers or a missing form for your taxes is never fun, but it’s better to tackle the problems sooner than later. If managing these details starts feeling overwhelming, you can always call on your local accounting firm or tax specialist to help. Our team at NSO and Company is here to keep things simple, and we’re proud to serve the greater Indianapolis area—as well as clients across the country!

If you’re feeling stuck or have received an official IRS notice about a possible missing item after you’ve filed your taxes, please consider teaming up with an experienced professional. You may need to file an information request with the IRS to get the situation sorted out, or you might just need someone else to run through the numbers with you. When you need assistance, just give us a call at (317) 588-3131.