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Tax filing season is underway and while many taxpayers may be eager to file sooner rather than later to get the process over with, they should be sure they have all the documents they need before doing so.
The Taxpayer Advocate Service of the Internal Revenue Service (IRS) published a post encouraging taxpayers to wait to file until they're sure they've received all of their tax forms to avoid having to file an amended return and face delays with receiving a refund.
«Amending your tax return after filing your taxes to report additional income missed on your original return… can take months to process,» the Taxpayer Advocate Service wrote. «It really is worth waiting to file until all final income documents are received to avoid having to file an amended return.»
Among the common documents taxpayers should be on the lookout for is the W-2 form, which is provided by employers and contains information about a worker's total compensation, taxes paid, contributions to retirement accounts and other payroll deductions.
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Taxpayers should ensure they have their income statements and other tax documents before filing their returns. (Daniel Acker/Bloomberg via Getty Images / Getty Images)
Another common tax document is the 1099 which comes in several forms, including the 1099-INT which reports interest income of $10 or more from banks and other financial institutions; 1099-DIV which reports income from dividends and other
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