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This is the time of the year in which we diligently accumulate and sort all of the documents that we’ll need to prepare our tax returns. You should also always review all of the data in each document to ensure that it’s correct, and that no information is missing or incorrect. As a general rule, it will be, but there are situations in which it’s not. Whoever provided you with that information has already sent a copy or transmitted it to the Internal Revenue Service. So now both you and the IRS are utilizing incorrect or missing information.
What action(s) should you initiate or what should you do in order to correct the problem(s) BEFORE you file your tax returns. In the worst case, you’ll have to file amended tax returns if the errors and mistakes cannot be promptly corrected. Who should you contact? What agencies should be contacted?
Issue Number: COVID Tax Tip 2022-43
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What taxpayers should do if they have incorrect or missing documents
Taxpayers should make sure they have all their documents before filing a tax return.
Taxpayers who haven’t received a W-2 or Form 1099 should contact the employer, payer or issuing agency and request the missing documents. This also applies for those who received an incorrect W-2 or Form 1099.
If they can’t get the forms, they must still file their tax return on time or get an extension to file. To avoid filing an incomplete or amended return, they may need to use Form 4852, Substitute for Form W-2, Wage and Tax Statement or Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, Etc.
If a taxpayer doesn’t receive the missing or corrected form in time to file their tax return, they can estimate the wages or payments made to them, as well as any taxes withheld. They can use Form 4852 to report this information on their federal tax return.
If they receive the missing or corrected Form W-2 or Form 1099-R after filing their return and the information differs from their previous estimate, they must file Form 1040-X, Amended U.S. Individual Income Tax Return.
Most taxpayers should have received their documents near the end of January, including:
- Forms W-2, Wage and Tax Statement
• Form 1099-MISC, Miscellaneous Income
• Form 1099-INT, Interest Income
• Form 1099-NEC, Nonemployee Compensation
• Form 1099-G, Certain Government Payments; like unemployment compensation or state tax refund
• Letter 6419, 2021 Total Advance Child Tax Credit Payments
• Letter 6475, Your 2021 Economic Impact Payment
Incorrect Form 1099-G for unemployment benefits
Many people received unemployment compensation in 2021. Unemployment compensation is taxable and must be reported on the recipient’s tax return.
Taxpayers who receive an incorrect Form 1099-G for unemployment benefits they did not get should contact the issuing state agency to request a revised Form 1099-G showing their correct benefits. Taxpayers who are unable to obtain a timely, corrected form from states should still file an accurate tax return, reporting only the income they did receive.
Reconciling advance child tax credit or economic impact payments
People who need to reconcile advance child tax credit payments or claim the recovery rebate credit will need information about 2021 payments when they file.
These individuals must have the total amounts of advance child tax credit payments to receive the remainder of their child tax credit and the amount of their third Economic Impact Payment to claim a recovery rebate credit. Taxpayers should check their online account or review Letter 6419, 2021 Total Advance Child Tax Credit Payments, and Letter 6475, Your 2021 Economic Impact Payment, for their total payment amounts. This will help them file an accurate return. If they have lost or misplaced these letters, they can check their online account. Married spouses who received joint payments will need to log into their own online account or review their own letter for their portion of the total payment. If filing a 2021 return as married filing jointly, they should add the payments together to provide the total amount.
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