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Tax forms you need to file your 2022 return, and when to expect them

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If you are planning to file a refund this season, it is important that you submit a complete and accurate tax return to avoid “massive processing” and delays. According to the IRS.

One of the keys to an error-free filing is enclosing all of the required tax returns, called information returns, which employers and financial institutions send each year, and sending copies to the IRS and taxpayers.

Skipping a tax return received by the agency could cause the IRS system to flag the return and mail a notice, explains Sheneya Wilson, a New York CPA and founder of Fola Financial. increase.

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“Missing tax documents will definitely cause delays in refunds,” Wilson said.

Whether you’re working with a tax professional or filing your own, here’s what you need to know about your tax returns and when to file them.

When to submit your tax return

Most tax returns are due on January 31, but some aren’t due until mid-February or later, said John Lloyd, a certified financial planner and owner of The Wealth Planner in Fort Worth, Texas. There is also

for example, 1099-B capital gains and losses 1099-DIV However, some investment firms are getting an extended period of time from the IRS to verify forms and avoid amendments. This means that you may not receive these forms until March.

He said that if a revised form is required, it may slow down the application process as the investment firm takes time to update and reissue the document.

Regardless of the situation, it’s important to have all the necessary forms on hand before filing your return. He pointed out that it could take several months to resolve.

Review last year’s returns “page by page”

If you’re not sure which tax return to file, experts say, last year’s tax return is a great place to start.

“I turn the pages of last year and this year. [returns]Marianela Collado, CFP and CEO of Tobias Financial Advisors in Plantation, Fla. She is also a Chartered Accountant.

For income, some common forms include: W-2 for wages 1099-NEC For contract or gig economy work, 1099-G unemployment income and 1099-R Regarding the distribution of retirement benefits.

Towards 2022, You probably won’t receive a 1099-K Vemno and PayPal Except for more than 200 payments totaling over $20,000. If you received this form in error, the IRS saidis engaged in teaching.

Of course, it’s also important to make sure the numbers on your tax return match the 1099 numbers. “Because it can cause delays,” he said, Collado.

For tax deductions, a form may be required 1098 For mortgage interest, 5498 For personal retirement account deposits: 5498-SA For contributions to a medical savings account: 1098-T for tuition, 1098-E About student loan interest.

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