While it’s important to file your taxes on time to avoid penalties, and while some folks want to file early so that they get their refund faster, it’s also very important that you don’t file your tax return prematurely.
If you file before you have all your payment information such as 1099s it could delay your tax return.
And you certainly don’t want to file your return before you have all your tax deductions sorted out. Missing deductions could cost you money.
Here are some of the important forms you must have:
- Forms W-2 from employer(s)
- Forms 1099 from banks, issuing agencies, and other payers including unemployment compensation, dividends, and distributions from a pension, annuity, or retirement plan
- Form 1099-K, 1099-Misc, W-2, or other income statements if you worked in the gig economy
- Form 1099-INT if you received interest payments
- Other income documents and records reporting virtual or cryptocurrency transactions
- Form 1095-A, Health Insurance Marketplace Statement, to reconcile advance Premium Tax Credits for Marketplace coverage
- Letter 6419, 2021 Total advance Child Tax Credit Payments to reconcile advance Child Tax Credit payments
- Letter 6475, 2021 Economic Impact Payment, to determine eligibility to claim the Recovery Rebate Credit
Remember that the IRS gets copies of these forms. If you omit them it will prompt the IRS to delay your return processing. Legal Tax Defense offers a free consultation on tax issues. Call now to speak to a tax attorney.
Disclaimer: Alan Mendelson is a well-known TV consumer news reporter who reports on tax issues. You should seek professional advice if you have tax questions or issues.
