Hollins & Associates, LLC 2025 IRS Updates
Missing or Incorrect Documents and Solutions
At Hollins and Associates, we understand the importance of having all necessary documents when filing tax returns. According to the IRS, taxpayers should ensure they have all their forms before filing. However, if documents are missing or incorrect, here are practical solutions we recommend:
Steps to Resolve Missing or Incorrect Tax Forms
- Reach Out for Missing Documents:
- If you’re missing a W-2 or Form 1099—or if these forms contain errors—contact the employer, payer, or issuing agency directly to request the missing or corrected documents.
- File on Time or Request an Extension:
- If the necessary forms are unavailable by the filing deadline, you should still file your tax return on time or request an extension.
- Use Form 4852 (Substitute for Form W-2) or Form 1099-R to report estimated wages, payments, or withheld taxes.
- Amend Returns if Necessary:
- If you later receive corrected forms with information differing from what you initially reported, file Form 1040-X (Amended U.S. Individual Income Tax Return) to update your submission.
Essential Documents to Gather
Ensure you’ve collected these common forms by the end of January:
- Form W-2: Wage and Tax Statement.
- Form 1099-MISC: Miscellaneous Income.
- Form 1099-INT: Interest Income.
- Form 1099-NEC: Non-Employee Compensation.
- Form 1099-G: Certain Government Payments (e.g., unemployment compensation, state tax refund).
- Letter 6419: Total Advance Child Tax Credit Payments (access via IRS online account).
- Letter 6475: Economic Impact Payment (access via IRS online account).
Addressing Specific Challenges
- Incorrect Form 1099-G for Unemployment Benefits:
- If you receive an incorrect Form 1099-G, contact the issuing state agency to request a revised version.
- If the corrected form cannot be obtained in time, file an accurate return based on the income you actually received.
- Reconciling Advance Child Tax Credit and Economic Impact Payments:
- Accurately report advance child tax credit payments or claim the recovery rebate credit by reviewing:
- Letter 6419 for child tax credit details.
- Letter 6475 for Economic Impact Payment information.
- Married couples filing jointly must combine their individual amounts for accurate reporting. If letters are lost, access this information through the IRS online account portal.
- Accurately report advance child tax credit payments or claim the recovery rebate credit by reviewing:
At Hollins and Associates, we’re here to help you navigate these challenges and ensure your tax filing process is seamless and stress-free. Contact us for personalized assistance or to explore further solutions tailored to your needs.