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When should I expect to get them? – The Motley Fool



Most people probably aren't busy getting their treasure done long before this year's April 15th. But it is not necessarily true if you expect to receive a large refund. If so, the faster you file, the faster you can get your money back from the IRS.

The taxing season typically starts at the end of January, but even then, most do not have all the forms they need to properly prepare their returns. To ensure that you have received all your income and deductions correctly, it is important to have the various tax information forms provided by your employer, financial institutions and others. Here is a calendar where you can expect to get the forms you need to get your reimbursement on the way.

  Pile of different tax forms spread out.

Image Source: Getty Images.

W-2 forms: Jan. 31

The key form that almost all taxpayers need is the W-2 form. This is the schedule that employers are obliged to provide you with your gross income and taxable income after taking work-related deductions. It also tells you how much money you have withheld from pay slips to cover federal and state income tax that you need to calculate the amount of your refund.

You can also use the information on Form W-2 to find out how much money you have spent on various tax-favored services, including employer-funded pension schemes, employer-insured health insurance, flexible spending plans, and other similar tax breaks. If you have not received your W-2 by January 31st, you should immediately contact your employer to find out if there has been a mistake.

Most 1098 and 1099 forms: Jan. 31

The deadline for most of the forms you get from various financial institutions is also January 31st. It includes banks reporting interest income on Form 1099-INT, shares and brokerage firms reporting dividend income on Form 1099-DIV, taxable withdrawals from Form 1099-R pension plans, and mortgage credit institutions reporting deductible mortgage rates and fees on Form 1098.

In addition, if you do not work as an employee, but as a self-employed or self-employed person, then payments you receive from your Clients are generally reported on Form 1099-MISC. January 31 is the deadline for this form as well.

Form 1099-B and some similar forms: February 15

For simple investment calculations such as interest and dividends, 31 days is more than enough to expect financial institutions to get information collected. But for other information, it takes more time. For example, brokers must analyze holding periods, calculate basis and sales proceeds by reporting sales of shares and other investments on Form 1099-B, and determining an estimate of capital gain or loss for use on your tax return.

To acknowledge the need, IRS provides brokers for February 15 to deliver Form 1099-B to their customers. In addition, an extended mid-February deadline for form 1099-S applies for the reporting of sales information to real estate and various 1099-MISC returns for goods other than compensation for services.

Schedule K-1s: March 15 or April 15 [19659006] If you have invested in a business entity that is in the form of a partnership, a limited liability company or another association that chooses to be taxed as a partnership, Then you get key tax information on Schedule K-1. This is also the case if you are a partner in a professional business such as a medical practice or law firm organized by these entities.

The deadlines vary depending on the size of the company. A partnership that qualifies as what is known as a selected large partnership must deliver a K-1 no later than 15 March. For others, April 15 is the deadline. For the most part, it requires that they expect the K-1s extension file – and make it impossible to archive early for a refund.

What to do if you don't get your taxes on time [19659006] The first thing to do if these deadlines pass without getting a form you expected is to contact your employer or financial institution. Because there are potential IRS sanctions involved with the reporting entities, don't wait long to get the answers you want.

Conversely, do not assume it just because you did not get a tax form that you do not You should not report income you know. The IRS has several ways to get tax information, and if your numbers do not match what they have on file, then you can review and owe extra interest and punish.

Anyone who gets a refund wants to file as soon as they can, but it doesn't make sense to file without all the information you need. By knowing these deadlines, you are better able to quickly get your refund without any additional problems.


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