File Without 1099s
Just like your W2’s, you can file your taxes without your 1099 forms. A 1099 form is used to track your stocks sold, interest or dividend income, or your income if you worked as an independent contractor. It is always better to wait for the forms if at all possible, to ensure accuracy on your return, but with a little bit of information, you don’t need to have the actual forms to do your taxes.
1099s come in a lot of different forms. Below is just a few of the different 1099 forms:
**1099-B Proceeds from broker and barter exchange transactions.
**1099-C Amount of canceled debt.
**1099-DIV Dividends and distributions.
**1099-G Certain government and qualified state tuition program payments (this includes refunds of state income taxes paid).
**1099-INT Interest income.
**1099-LTC Long-term care and accelerated death benefits.
**1099-MISC Miscellaneous income.
**1099-OID Original issue discount payments.
**1099-Q Payments from qualified education programs (Section 529 or 530 plans; Coverdell account distributions used to be included here, too, but now have their own Form 5498-ESA).
**1099-R Distributions from pensions, annuities, retirement or profit-sharing plans, IRAs, insurance contracts, etc. This is an exception to the nonfiling rule. You will need to send in a 1099-R with your return if the statement shows income tax was withheld.
**1099-S Proceeds from real estate transactions.
**SSA-1099 Social Security benefits statement.
**RRB-1099 Payments by the Railroad Retirement Board.
You should be receiving these forms in the same time frame as the W2’s (mid January through beginning of February). If you do not see your forms by early February, you should attempt to contact your employer or bank to find out if the forms have been sent out. You can also get the figures from these agencies that you need to plug into your return if your forms have gone missing. Just like W2’s, you do want to send a copy of your 1099 form with your return so the IRS can double check your figures, however this is not required. If you were missing forms and they finally show up in the mail, do not throw them away. Double check your numbers and if there is a discrepancy, you must file a 1040X to reconcile the difference.
Like before, wait if you can. It is always better to have the exact figures and save yourself from costly mistakes.