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LLLMartineau3
New Member

When can I start loading my 2020 tax return information?

 
4 Replies
xmasbaby0
Level 15

When can I start loading my 2020 tax return information?

Online for 2020 will open in early December.  We cannot give you an exact date or time of day that it will open.  Just keep checking for it ---if you want to start you could use desktop for 2020--desktop (CD/download) is already available.

https://turbotax.intuit.com/personal-taxes/cd-download/

 

You can also purchase the CD/download from various retailers such as Costco, Amazon, Walmart, Best Buy, Staples, Sam’s Club, etc. etc. etc.

 

This link Where can I obtain authentic TurboTax software? has a list of authorized TurboTax resellers.

 

 

 

Please be careful about being in too much of a hurry to file your next tax return. Many tax forms are not available at the very beginning of the tax season, so you have to wait for your forms. The software still needs updates at the beginning of the tax season. 

 

Although the software will allow you to e-file in early January, the IRS does not begin to accept the e-files until almost the end of the month.  So your return just sits on the server.  If you realize that you made a mistake or left something out—as many people do—you cannot change it.

 

 

Every year we see people who are in such a rush to file that they file incorrectly and incompletely.  If you file too early and leave out a W-2 or a 1099, or forget to enter information, you will end up having to amend your tax return---and that takes months.  Employers have until the end of January to issue W-2's----and ALL of your 2020 W-2's have to be on the same tax return.  Many of the 1099's and 1098's you need do not arrive until late January or sometime in February.  If you are getting Earned Income Credit or Additional Child Tax Credit, the IRS is going to hold your refund until the end of February no matter how early you file.  There seems to be a greater chance of "early" returns being reviewed and those refunds are delayed, or early returns are more often subject to identity verification--which will also delay processing.  Filing too early may just be a recipe for a delayed refund.  It might go more smoothly for you if you wait until at least mid-February to file instead of e-filing during the first minute that you can do it.

 

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
ses604
Level 1

When can I start loading my 2020 tax return information?

I really need to get an early start so I can determine my quarterly payments, etc etc. Are the updates delayed for 2020?  Something as simple as IRA Distributions isn't even available yet.  How soon?  My list of forms just says "ready soon" with no target date. Last year at least you gave target dates. What gives?  Thank you for a quick response.

macuser_22
Level 15

When can I start loading my 2020 tax return information?


@ses604 wrote:

I really need to get an early start so I can determine my quarterly payments, etc etc. Are the updates delayed for 2020?  Something as simple as IRA Distributions isn't even available yet.  How soon?  My list of forms just says "ready soon" with no target date. Last year at least you gave target dates. What gives?  Thank you for a quick response.


Some of the necessary retirement section forms are under development at the IRS and are still in the draft state.  The IRS typically issues the electronic  form specifications 1-2 months after the paper forms are released and there is no IRS date for that.    If you have the CD/desktop version you can enter data in the forms mode for an estimate but that will not contain any of the new CARES act forms.

 

As soon as it is known, the form will be hoisted here:

https://ttlc.intuit.com/community/forms/help/irs-forms-availability-table-for-turbotax-individual-pe...

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
ses604
Level 1

When can I start loading my 2020 tax return information?

Thank you so much for a quick reply.  Much appreciated!

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