What to Do If You Don’t Receive a 1099
Receiving a 1099 form is an important part of tax season for many individuals and businesses. This form is used to report various types of income, such as interest, dividends, and freelance earnings. However, sometimes you may find yourself in a situation where you haven’t received a 1099 form for income you believe you should have received. In this article, we will discuss the steps you can take if you don’t receive a 1099.
First, Verify the Income
Before taking any action, it’s essential to verify that you indeed earned the income that should have been reported on a 1099 form. Review your financial records, including bank statements, pay stubs, and any other documents that may show the income. This will help you determine if the issue is a genuine missing form or if there was an error in your records.
Contact the Issuer
Once you have confirmed that the income should have been reported, the next step is to contact the entity that should have issued the 1099 form. This could be a financial institution, an employer, or a client. Reach out to them via phone, email, or in person, depending on the nature of the relationship. Provide them with your name, Social Security number, and any other relevant information they may need to locate your records.
Request a Copy of the 1099
If the issuer is unable to provide you with a copy of the 1099 form, they may be required to file a substitute form, such as a 1099-INT or 1099-DIV, on your behalf. Request a copy of this substitute form, as it will still contain the necessary information for reporting the income on your tax return.
Check the IRS’s “Where’s My 1099?” Tool
The IRS offers a helpful tool called “Where’s My 1099?” that allows you to check the status of your 1099 forms online. To use this tool, you will need your Social Security number, filing status, and the type of income you are expecting. If the tool indicates that the form has not been processed, it may be helpful to follow up with the issuer or the IRS.
Report the Income on Your Tax Return
If you are unable to obtain a 1099 form, you must still report the income on your tax return. Use Form 1040, Schedule B, to report the income, and provide as much information as you can about the source of the income. If the issuer is unable to provide a 1099 form, you may need to include a statement explaining the situation with your tax return.
Seek Professional Help
If you are having difficulty obtaining a 1099 form or understanding the process, it may be beneficial to seek professional help. A tax professional can guide you through the process and ensure that your tax return is accurate and complete.
Conclusion
Receiving a 1099 form is an important part of tax season, but it’s not uncommon to encounter issues with missing forms. By following these steps, you can ensure that you report all of your income accurately and avoid potential penalties or interest. Remember to verify the income, contact the issuer, and report the income on your tax return, even if you don’t receive a 1099 form.
