It’s almost February, which means your tax forms should start rolling in over the next couple of months if they haven’t already. Below is a timeline of when you should expect to receive all your tax documents necessary for filing your 2016 tax return.
Income Related Documents
Here are the most common income related tax forms and when they are usually delivered to the taxpayer:
- Form W-2 – If you are employed, you will receive one from each employer you worked for during 2016. Form W-2 reports your wages, taxes withheld, and other important information related to your salary. You should receive your W-2(s) by January 31.
- Most 1099 forms – Most financial institutions and banks will send you 1099 forms for income earned, such as interest (Form 1099-INT), dividends (Form 1099-DIV), and pension/IRA withdrawals (Form 1099-R). Form 1099-MISC reports all miscellaneous types of income. Self-employed individuals should receive a separate 1099-MISC form from each company he or she provided a service for that generated over $600 of income. Most 1099 forms should also be delivered by January 31.
- Other 1099 forms – Certain other 1099 forms have a later due date, such as Form 1099-B (reports sales of securities), Form 1099-S (reports sale of real estate), and some 1099-MISC forms (for example, payments to an attorney). These forms could be expected by February 15.
- Schedule K-1 – If you own shares or a percentage of an S Corp or partnership, or if you’re a beneficiary of an estate or trust, you can expect to receive a Schedule K-1, which reports any income allocated to you during 2016. Most K-1s are due by March 15, but if the S Corp, partnership, estate, or trust return you are invested in goes on extension, you won’t receive your K-1 until after the April 15 deadline, most likely. It could even be as late as August or September. If you know you will be receiving a K-1, be mindful of the possibility that you may have to go on extension, pushing your personal filing due date to October 15.
Deduction & Credit Related Documents
Now onto the most common deduction and credit related tax forms:
- Form 1098 – If you have a mortgage, you can expect to receive a 1098 form showing the amount of mortgage interest paid during 2016 (if you paid under $600 in mortgage interest, you probably will not receive a form but the interest is still deductible). Lenders also may show real estate taxes paid during the year on this form as well. You should receive this form by January 31.
- Form 1098-E – If you have student loans, you’re overly familiar with student loan interest. Form 1098-E reports how much student loan interest was paid during the year. If you paid over $600 in interest, you should receive this form by January 31. If you paid under $600, you may not receive the form, but you can still deduct the interest).
- Form 1098-T – This form reports eligible education costs (like tuition, room and board, etc.) paid during 2016 and is issued by January 31.
Other Tax Related Documents
- Health care forms – Form 1095-A (if you have marketplace coverage), Form 1095-B (if your employer provides coverage and has fewer than 50 full-time employees or does not provide coverage and you have your own), and Form 1095-C (if your employer provides coverage and has more than 50 full-time employees) confirm that you were covered for 2016 and how many months out of the year you had coverage. The deadline to deliver these forms was pushed back this year to March 2.
- Form 5498 – This form shows contributions (including rollovers) made to an IRA during 2016. Traditional IRA contributions are treated as an adjustment to income, which will lower your tax bill, but Roth IRA contributions are not deductible. Form 5498 must be distributed by May 31, so it may be a good idea to keep track of your traditional IRA contributions to avoid going on extension.
What to Do if You Haven’t Received Your Tax Document(s)
- Be patient – Sometimes forms come in a few days to a week past the required deadline. Keep checking the mail, or, if you have online access to your banks/financial institutions, keep logging in and checking the “Tax Documents” or “Tax Statements” section.
- Contact the issuer – If it’s been more than a week past the distribution deadline, call or email the issuer of the tax form you are expecting. It could have gotten lost in the mail and they could always send you another one.
- Call the IRS – If all else fails, give the IRS a call. All tax forms must be filed with the IRS, so if you didn’t receive your form, chances are they did. They can send you a copy of any tax form they have on file for you.
Nick Aiola is a CPA located in New York, NY. Nick provides tax and accounting services to a wide range of clients, including individuals, businesses, and fiduciary entities.