October 15 Deadline for Extended Individual Filings

Individual taxpayers who filed for an extension for 2023 income tax returns have just one week left to timely file their returns.  Practitioners assisting such taxpayers making it through this final push to meet the deadline will need their clients to provide any remaining documentation.

Documentation needed

• Taxpayer, spouse, and dependent names, addresses, social security numbers, and birthdates
• Direct deposit or automatic withdrawal information, including bank accounts and routing numbers
• Forms W-2, Wage and Tax Statement, for the taxpayer’s 2023 employment
• Forms 1099 issued to the taxpayer for 2023 disclosing payment information, including:
  • interest paid from banks,
  • dividend payments,
  • unemployment compensation received,
  • nonemployee compensation,
  • miscellaneous income, and
  • distributions from pensions, annuities, or retirement plans.
• Schedules K-1 for pass-through entity income
• Statements of income and expense for farm, rental, and sole proprietorship activities
• Information supporting claims of credits or deductions, including receipts for medical expenses, charitable contributions, education expenses, and child or dependent care

Missing or received incorrect tax documents?

If taxpayers are missing or received incorrect issued tax documents, such as a W-2 or 1099 form, they should request a copy or corrected version from their employer or issuing agency. 

If taxpayers are unable to obtain needed documents from the issuer:

• They can prepare Form 4852, Substitute for Form W-2, Wage and Tax Statement, or Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., and
• use estimates for income and withholding if they cannot receive the requested documents in time to file their return.

Requesting a transcript from the IRS

Taxpayers may also request a transcript from the IRS, which will contain information from the W-2 or 1099 forms issued under the taxpayer’s social security number that were filed with the IRS.  While taxpayers may request these transcripts be mailed to their address, this process typically may take 5 to 10 calendar days for the transcripts to arrive.  Therefore, a more timely method of receiving IRS transcripts is viewing available transcripts through the taxpayer’s Individual Online Account, where they can print or download copies of the transcripts after logging in.

E-filing extended returns

Extended individual income tax returns may be e-filed with the IRS.  The IRS offers an e-file provider locator service through its website, where e-file providers may be searched based on zip code or state.

By Chris Korban, CPA
Tax Materials Specialist, U of I Tax School

Source

• Extension filers: Gather all tax info before filing | Internal Revenue Service (irs.gov)