What to Do If You Don’t Receive Important Tax Documents

It’s getting to be that time of year again—tax time. And although it’s (probably) no one’s favorite holiday to celebrate, Tax Day, like any other annual event, does require some preparation.

But what happens if you don’t have all your tax information ready to go for April? While keeping track of everything can be a headache, the good news, most of your tax information is probably recoverable, even if it doesn’t show up on time. Here’s what to do.

What Paperwork Do You Need to Keep for Taxes?


There are many different types of IRS forms that contain the information necessary to file a tax return. Which specific forms you’ll need will vary depending on your personal financial and demographic circumstances.

Employment and Income

For example, if you’re an employee working to earn wages at a company, your employer will need to supply a W-2 form , which shows both your income and the amount of money that has already been withheld for taxes. If, on the other hand, you’re an independent contractor, you’ll receive a different form—the 1099 , which reports self-employment income as well other types of income like interest and dividends earned on investments. Which, yes, means you might get a 1099 even if you’re an employee if you also have an investment account. There’s also such a thing as an SA-1099 , which shows how much has been received in Social Security benefits over the course of the year.

Deductions and Healthcare

Other common forms include the 1098 , which actually occurs in seven different variations and lists certain types of expenses that may be tax deductible, such as mortgage interest or student loan payments, and the 1095, which also occurs several variations and includes information pertaining to healthcare coverage. You may get a 1095-A if you have a healthcare plan off the Marketplace, a 1095-B if you have minimal essential coverage (i.e. Medicare or Medicaid), or 1095-C if you receive employer-provided health insurance.

What Do You Do if You Don’t Get Your Tax Forms?

Form 4852 , which serves as a substitute to form W-2, if the W-2 can’t be located.

What if You Don’t Get Your 1099?


Again, if you’re due to receive a 1099 from an “employer” for independent contracting wages, the first step is to reach out to the individual or entity directly. If you aren’t sure where the 1099 reporting your investment income is, try logging onto your online brokerage account and clicking around. Digital forms are often offered directly to account-holders online.

The good news is, you aren’t technically required to attach your 1099s to your tax return unless taxes were withheld from the payments reported on them. So if you have another record of that income—such as year-end account statements, in the case of investments—you may be able to file your taxes with that information. (That said, it may be worth double-checking your paperwork with a tax professional.)

What if You Don’t Get Your 1095?


If you don’t have your 1095, you can reach out to the source it should have come from to figure out where it is. For the 1095-A, log into your Health Insurance Marketplace account and look for the digital version of the form there; if you are expecting a 1095-B or 1095-C, you can reach out to your Medicare/Medicaid office or employer.

That said, this is another form that you might not have to include on your tax return at all. According to the IRS, you should only wait to file if you’re missing form 1095-A; the other two types, 1095-B and 1095-C, are not required.

What if You Don’t Get Your 1098?


This is another tax document that’s not formally required by the IRS—but it does contain information you probably want to include on your return, since it could translate to a tax deduction.

If you haven’t received your 1098 in the mail, one first step is to log into the account you have with the bank or lender that issued the mortgage or student loan. Again, digital tax documents are often offered directly to borrowers through the online portal. If you can’t find the documents yourself, call the lender’s customer service line. You might also be able to find the necessary numbers on your year-end statement.

If You Just Don’t Have Your Stuff Together On Time

file for an extension with the IRS, which involves—of course—a form: Form 4868 , to be exact. While filing the form gives you until October 15 to get your paperwork in order, keep in mind that it doesn’t give you an extended timeline on actually paying your taxes. Any money you owe to the government is still due on Tax Day.

Finally, if you use a tax preparer service, whether a human accountant or smart software product, keep in mind that they likely still have last year’s information on file, which may help fill in some gaps. Your professional tax preparer can also answer questions you have about properly filing this year’s return.

Organizing Your Finances The Easy Way


Tax time can be stressful even for the most organized among us, but if your money landscape is already a bit of a mess, finding the right financial products can make a big difference. For example, SoFi Money®, a cash management account, can help keep things nice and neat by offering you a bird’s-eye view of your spending habits. Plus, the Vaults feature can help you save for personalized goals, whether that’s an upcoming home repair or your next big vacation.

Learn more about how SoFi Money could help you Get Your Money Right®.


SoFi Money®
SoFi Money is a cash management account, which is a brokerage product, offered by SoFi Securities LLC, member FINRA / SIPC .
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Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
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The Risks of Playing The Stock Market

child's hand playing chess

To the uninitiated, the stock exchange can seem like a casino, with news and social media feeds sharing stories of investors striking it rich by playing the stock market. But while there are winners, there are also losers—those who lose money playing the market, sometimes pulling their money out of the market because they’re afraid of the potential of losing money.

Playing the stock market does come with investment risks. For new investors learning how to play the stock market can be a frustrating, humbling, and in some cases, incredibly rewarding experience.

While investing is a serious business, playing the stock market does have an element of fun to it. Investors who do their research and tune into the news and business cycles can take advantage of trends that might better enable them to earn good returns on investment.

This is what you need to know about how to play the stock market, the risks involved, and what makes the market so alluring.

Playing the Stock Market: What Does it Mean?

Despite the phrase “playing” the stock market, it’s important to make the distinction between investing and gambling up front.

safe investment—in a way each investment can feel like a gamble. However, it’s important to keep in mind that the market is not a casino, and just because there’s risk involved doesn’t mean that “playing the market” is the same as playing roulette.

So what does “playing the stock market” actually mean? In short, it means that someone has gained access to and is actively participating in the markets. That may mean purchasing shares of a hot new IPO, or buying a stock simply because Warren Buffett did. “Playing,” in this sense, means that someone is investing money in stocks.

Playing the Market: Risks and Rewards

Learning how to play the stock market—in other words, become a good investor—takes time and patience. It’s good to know what, exactly, the market could throw at you, and that means knowing the basics of the risks and rewards of playing the market.

Potential Risks

In a broad sense, the most obvious risk of playing the market is that an investor will lose their investment. But on a more granular level, investors face a number of different types of risks, especially when it comes to stocks. These include market risk, liquidity risk, and business risks, which can manifest in a variety of ways in the real world.

A disappointing earnings report can crater a stock’s value, for instance. Or a national emergency, like a viral pandemic, can affect the market at large, causing an investor’s portfolio to deflate. Investors are also at the mercy of inflation—and stagflation, too.

For some investors, there’s also the risk of playing a bit too safe—that is, they’re not taking enough risk with their investing decisions, and as such, miss out on potential gains.

Potential Rewards

Risks reap rewards, as the old trope goes. And generally speaking, the more risk one assumes, the bigger the potential for rewards—though there is no guarantee. But playing the market with a sound strategy and proper risk mitigation tends to earn investors money over time.

Investors can earn returns in a couple of different ways:

•  By seeing the value of their investment increase. The value of individual stocks rise and fall depending on a multitude of factors, but the market overall tends to rise over time, and has fully recovered from every single downturn it’s ever experienced.
•  By earning dividend income. Dividends can also be reinvested, in order to further grow your investments.
•  By leaving their money in the market. It’s worth mentioning that the longer an investor keeps their money in the market, the bigger the potential rewards of investing are.

How to Play the Stock Market Wisely

Nobody wants to start investing only to lose money or otherwise see their portfolio’s value fall right off the bat. Here are a few tips regarding how to play the stock market, that can help reduce risk:

Invest for the Long-term

The market tends to go up with time, and has recovered from every previous dip and drop. For investors, that means that simply keeping their money in the market is a solid strategy to mitigate the risks of short-term market drops. (That’s not to say that the market couldn’t experience a catastrophic fall at some point in the future and never recover. But it is to say: History is on the investors’ side.)

Consider: If an investor buys stocks today, and the market falls tomorrow, they risk losing a portion of their investment by selling it at the decreased price. But if the investor commits to a buy-and-hold strategy—they don’t sell the investment in the short-term, and instead wait for its value to recover—they effectively mitigate the risks of short-term market dips.

Do Your Research

It’s always smart for an investor to do their homework and evaluate a stock before they buy. While a gambler can’t use any data or analysis to predict what a slot machine is going to do on the next pull of the lever, investors can look at a company’s performance and reports to try and get a sense of how strong (or weak) a potential investment could be.

Understanding stock performance can be an intensive process. Some investors can find themselves elbow-deep in technical analysis, poring over charts and graphs to predict a stock’s next moves. But many investors are looking to merely do their due diligence by trying to make sure that a company is profitable, has a plan to remain profitable, and that its shares could increase in value over time.

Diversify

Diversification basically means that an investor isn’t putting all of their eggs into one basket.

For example, they might not want their portfolio to comprise only two airline stocks, because if something were to happen that stalls air travel around the world, their portfolio would likely be heavily affected. But if they instead invested in five different stocks across a number of different industries, their portfolio might still take a hit if air travel plummets, but not nearly as severely as if its holdings were concentrated in the travel sector.

Use Dollar-cost Averaging

Dollar-cost averaging can also be a wise strategy. Essentially, it means making a series of small investments over time, rather than one lump-sum investment. Since an investor is now buying at a number of different price points (some may be high, some low), the average purchase price smooths out potential risks from price swings.

Conversely, an investor that buys at a single price-point will have their performance tied to that single price.

The Takeaway

While playing the market may be thrilling—and potentially lucrative—it is risky. But investors who have done their homework and who are entering the market with a sound strategy can blunt those risks to a degree.

By researching stocks ahead of time, and employing risk-reducing strategies like dollar-cost averaging and diversification when building a portfolio, an investor is more likely to be effective at mitigating risk.

With SoFi Invest®, members can devise their own investing strategy, and play the market how they want, when they want. Whether you’re interested in short-term trading or have your eyes on a longer-term prize, SoFi Invest is a way to dip your toes into the stock market and start investing today.

Find out how to get started playing the stock market with SoFi Invest.


SoFi Invest®
The information provided is not meant to provide investment or financial advice. Investment decisions should be based on an individual’s specific financial needs, goals and risk profile. SoFi can’t guarantee future financial performance. Advisory services offered through SoFi Wealth, LLC. SoFi Securities, LLC, member FINRA / SIPC . The umbrella term “SoFi Invest” refers to the three investment and trading platforms operated by Social Finance, Inc. and its affiliates (described below). Individual customer accounts may be subject to the terms applicable to one or more of the platforms below.
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For additional disclosures related to the SoFi Invest platforms described above, including state licensure of Sofi Digital Assets, LLC, http://www.sofi.com/legal.

Investment Risk: Diversification can help reduce some investment risk. It cannot guarantee profit, or fully protect in a down market.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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