File taxes without 1099-R

The Internal Revenue Service wants every taxpayer to report earned and unearned income on their federal income tax returns. These are mostly done with the information returns that other people furnish the respectful recipients. 

One of the most relevant tax forms to those who are retired is 1099-R. Whether the taxes are withheld from their income or not, the Internal Revenue Service requires taxpayers to attach the 1099-R, Retirement Income to their federal income tax returns. 

Not getting 1099-R on time

Since retired folks rely on financial institutions to get their 1099-R, they might not get it on time, and this can cause certain delays in filing their tax returns. If you’re suffering a delay in filing your federal income tax return, there isn’t much you can do except for reporting this income yourself. It’s possible to report retirement income using From 4852. There is one catch with the 4852 Form 2021 though. It cannot be filed electronically, so you must prepare a paper tax return and mail your return to the IRS. 

Considering that this can cause further delays if you were to get your 1099-R soon, as it takes more time to get tax refunds with mailed-in tax returns, consider waiting for your 1099-R. If you’re pretty sure that you’re not getting the 1099-R at a time you anticipate, you might want to opt out of filing 4852 and reporting your income by looking at the last statement of the year.

Whether or not you should file Form 4852 to replace your 1099-R comes down to when you will receive the information return. If it will take a while, it’s more logical to file 4852 and mail in your return to get your refund. If you’ll get it in less than two weeks, wait for it to file your federal income tax return. 

Getting your 1099-R faster

As for speeding up the process of receiving Form 1099-R, there isn’t much you can do as it’s a responsibility beyond your control. It’s the job of the retirement account provider to furnish you with copies of information returns on time. Not corresponding with this obligation will bring them late-filing penalties and given a large number of customers every retirement account provider has, it wouldn’t be something they want.

Check for electronic copies

The Internal Revenue Service simply requires filers to furnish a recipient copy. There is no written law that says it has to be mailed to you – unless you choose that and talk it with the provider. There is a good chance that your provider emailed the copy to you. It’s best to check your emails for this as it’s a common issue faced by many taxpayers.

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