I'm Still Missing a Key Tax Document. What Are My Options?

The April 15 tax-filing deadline will be here before you know it. At this point, you've hopefully either submitted your taxes or are gearing up to do so.

But what if you haven't filed your taxes yet not due to procrastination, but because you're still missing some key tax forms? If you're missing a 1099 form reporting income from a freelance gig, for example, that could prove problematic.

Similarly, for some investments, you need a K-1 form to file your taxes. And those tend to be notoriously late, often coming in well past their March 15 deadline.

If you're missing a tax form, it's important to take action. Here's what to do.

Step 1: Log into your account

It's not a given that every tax form you need will arrive in the mail. Don't assume that your missing tax document hasn't been issued just because it didn't show up in an envelope. You may find that if you log into your bank or brokerage account and check the "documents" or "messages" tabs, your form is there waiting for you.

Step 2: Call the issuer

If you've logged into your account and still don't see your tax form, it's time to call the issuer to dig deeper. Perhaps your form wasn't generated due to an error. If so, ask the institution or company in question to generate your tax form ASAP and email it to you right away.

Step 3: See if you can forgo the missing form

There may be certain tax forms you think you need to file your return that you can do without. Let's say you did freelance work for a given company and were paid $1,000 in a single payment. The company should issue a 1099 form summarizing that income. But if it doesn't, you can still report the income and file a tax return.

Now, be advised that you may run into an issue if that company later generates a 1099 form and it shows a different amount than the one you reported. But in the case of a single payment or transaction, there's unlikely to be a discrepancy.

Step 4: Request an extension if all else fails

If, despite your best efforts, you really can't get your hands on the tax documents you need to file your return by April 15, request an extension. The IRS won't even make you give a reason for wanting more time. Just submit your request by April 15 and you'll get six extra months off the bat.

It's important to request an extension if you won't get your taxes done on time in case you end up owing the IRS money from 2023. In that case, there can be steep penalties for failing to file a return on time -- and those are on top of the interest and penalties you might incur for not paying your tax bill by April 15.

To be clear, a tax extension will not give you more time to pay a tax bill. If you think you owe money but aren't sure of the exact amount due to your missing tax document, do an estimate and pay the IRS that sum by April 15.

Let's say you run the numbers and think you owe $1,100, when in reality, you owe $1,140. If you send the IRS $1,110 by April 15 and you're a month late paying that $40 because it took that long to track down the right information, you'll incur interest and penalties on $40 -- not your entire $1,140.

It can be extremely frustrating to be up against the tax-filing deadline without the right documents in hand. Take these steps immediately if that's the situation you're faced with.