Obviously I know we can't submit returns now for the 2020 tax year, but can we begin using TurboTax now to enter 2020 info in order to be ready after January 1, 2020?

Forum|Forum|5 years ago
November 7, 2020
7 replies
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xmasbaby0

Level 15

The 2020 software is not yet available. Wait for a few weeks and then the beta version will be available.

Please be careful about being in too much of a hurry to file your next tax return. 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.**

ejiAuthor

Level 2

OK, thank you.

Carl

Level 11

Additional information:

Traditionally, the IRS does not open up e-filing until the last week of January at the earliest. There was one year where they didn't open it up until mid February. So completing your taxes before the IRS opens e-filing will not be of much benefit.

Also, e-filing before the IRS "officially" opens for e-filing means that your e-filed return will be stored on a server and just "sit there" until the IRS is ready. If during that time you realize you need to change or correct something, then to bad. You can't do anything until after the IRS either rejects your return, or processes it.

It's also common for the IRS to pull a few test returns "before" they officially open e-filing. I have never in my life seen a test run of "anything" go perfect the first time. So if your return gets pulled for a test, you risk the possibility of it being lost permanently and forever in the IRS system. Then, when they IRS says you did not file a tax return and assesses late fines and penalties, good luck proving you did.