Organized tax records make preparing a complete and accurate tax return easier. It helps you avoid errors that lead to processing delays that slow your refund and may also help you find overlooked deductions or credits.
Wait to file until you have your tax records, including:
(Just so you know, not all forms will be applicable to your return.)
Forms W-2 from your employer(s)
Forms 1099 from banks, issuing agencies, and other payers, including unemployment compensation, dividends, pension, annuity, or retirement plan distributions
Form 1099-K, 1099-MISC, W-2, or other income statements if you worked in the gig economy
Form 1099-INT if you were paid interest
Other income documents and records of digital asset transactions
Form 1095-A, Health Insurance Marketplace Statement, to reconcile advance payments or claims Premium Tax Credits Marketplace coverage
IRS or other agency letters
CP01A Notice with your new Identity Protection PIN
Notify the IRS if your address changes, and notify the Social Security Administration of a legal name change.
Remember, most income is taxable. This includes:
income from the gig economy and
Form 1099-K, Payment Card, and Third-Party Network Transactions is an IRS information return used to report certain payment transactions and helps to improve voluntary tax compliance.
When will I get the 1099-K, and what should I do? Forms 1099-K must be furnished to the payee by January 31st. Use this information return with your other tax records to determine your correct tax.
What is not reported on a 1099-K? Money received as a gift or reimbursement of a share of a meal or rent should not be reported on a 1099-K.
Ensure tax records are complete before filing. The IRS advises people who may receive a Form 1099 for the first time – especially “early filers” who typically file a tax return during January or early February – to be careful and ensure they have all of their key income documents before submitting a tax return. A little extra caution could save people additional time and effort related to filing an amended tax return or responding to an inquiry from the IRS.
What if the information is wrong? If the information on the 1099-K is incorrect, contact the payer whose name appears in the upper left corner of the form. Keep a copy of all correspondence with the payer and your records.
If a Form 1099-K is received in error and a corrected Form 1099-K can’t be obtained, follow the guidance for individuals provided on the Understanding Your Form 1099-K webpage.
Returns requiring manual review. Some returns, filed electronically or on paper, may need manual review, delaying the processing if our systems detect a possible error, the return is missing information, or there is suspected identity theft or fraud. Some situations require us to correspond with taxpayers, but some do not. This work requires special handling by an IRS employee, so, in these instances, it may take the IRS more than the normal 21 days to issue any related refund. In those cases where the IRS is able to correct the return without correspondence, the IRS will send an explanation to the taxpayer.