@ Ko77detr21vivi wrote:
Since the returns will not be processed until mid February, can I cancel my e-filing to update it. The return has not been accepted by the IRS
So you already submitted (actually transmitted) an efiled return? If you already efiled a 2020 return, there is nothing you can do until you find out if the IRS either accepts or rejects the efiled return. Unfortunately, due to late tax law changes the IRS will not even open up to start processing until February 12, 2021, except for a few returns they pull early for testing purposes. In the meantime the return will sit on TurboTax servers with a "pending" status but cannot be retrieved to cancel or correct. So unless yours is one of the very few returns pulled early by the IRS, you won't know anything until February 12 or soon thereafter.
If you have errors on your return or need to add something, you would be lucky if the IRS rejects your efiled return. If they reject it, then you can simply correct everything and resubmit it. If they accept it, however, then then only way to correct it is through a formal amended return Form 1040X.
So in the meantime do NOT make any changes in your return until you find out if it's accepted or rejected by the IRS. If you end up having to prepare an amended return, it has to start out exactly as it was when originally filed.
