Twelve Common Missing Tax Return Items

Posted on 14. Mar, 2016 by in Bookkeeping Articles, QuickBooks, Small Business Tips, Tax Updates

Want your tax return filed quickly and without error? Then double-check this handy list of items that are often overlooked.checkmark

  • Review and signing your e-file approval. The sooner you review and approve your tax return, the sooner it can be filed.
  • Having proof of health insurance. Most taxpayers should receive a Form 1095 that confirms you have health insurance for the year. Some employers have received approval to delay sending you this form, but you still must have proof of proper insurance.
  • Missing W-2 or 1099. Using last year’s tax return, make sure all prior W-2s and 1099’s are received and applied to your tax return.
  • Incorrect information on a W-2 or 1099. If you fail to confirm the accuracy of your tax forms, you will be faced with a choice. Either try to get the form corrected or delay filing your tax return.
  • Missing or invalid Social Security Number. E-filed tax returns will come to a screeching halt with a missing or invalid number.
  • Dependent Already Claimed. Your return cannot be filed if there is a conflict in this area.
  • Name mismatch. If recently married or divorced, make sure your last name on your tax return matches the one on file at Social Security.
  • Inconsistent information. Most tax programs will check a tax return for inconsistencies. When one occurs, they must be resolved prior to filing your tax return. An example might be you filing Married Filing Separate, while your ex-spouse files as Married Filing Joint or Single.
  • No information for a common deduction. If you claim a deduction you will need to provide support to document the claim.
  • Missing Cost information for transactions. Brokers will send you a statement of sales transactions. If you do not also provide your cost and purchase information, the tax return cannot be filed.
  • Missing K-1. As an owner of a partnership, Sub Chapter S or LLC, you will need to receive a Form K-1 that reports your share of the profit or loss from the business activity. Without this, you cannot file your tax return.
  • Forms with no explanation. If you receive a tax form, but have no explanation for the form, questions could arise. For instance, if you receive a retirement account distribution form it may be deemed income. If it is part of a qualified rollover, no tax is due. An explanation is required to file your information correctly.

Hopefully, by knowing these commonly missed pieces of information you can prepare to have your tax filing experience be a smooth one.

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