topic Why cant I efile my taxes yet in Get your taxes done using TurboTax

Why cant I efile my taxes yet

joshlb1614 — Fri, 03 Jan 2020 00:02:52 GMT

Re: Why cant I efile my taxes yet

xmasbaby0 — Fri, 03 Jan 2020 00:06:51 GMT

What's the hurry? The IRS will not be accepting e-files until January 15. So even if you manage to e-file before then, your return will just sit on a server--doing nothing.

If you discover that you need to change something, you will not be able to do it unless the IRS rejects your return. If they accept it with your mistake, you will have to wait out the IRS and amend later after they fully process the return. (The 1040X form you will need does not become available until late February so you have to wait for that, too) And amending takes about 4 months. Amended returns have to be mailed; you can’t “fix” a mistake and e-file the correction.

Tax preparation software cannot be finalized and become available to you until the IRS finalizes the forms and then goes through the process of approving the software. Further, many states do not have their forms ready to use yet.

Employers have until the end of January to issue W-2’s. You may also need to wait for your various kinds of 1099’s and/or 1098’s to come from banks, Social Security, schools, and other financial institutions that will issue them in late January/early February.

Trying to file too early is unwise.With new forms and new software, it is better to wait for the “bugs” and “glitches” to be worked out before you file. Filing too early because you hope for a quick refund may accomplish just the opposite—your return could end up clogged in a mess that will take weeks or even months to sort out, as many “early” filers have discovered in the past.

Re: Why cant I efile my taxes yet

VolvoGirl — Fri, 03 Jan 2020 00:43:51 GMT

Turbo Tax is suppose to start taking efiles tomorrow on Jan 3. But the IRS won't start taking returns until January 15, 2020 or later.

If you claimed the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) the IRS cannot issue EITC and ACTC refunds before mid-February. The IRS expects most EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards by the first week of March, if they chose direct deposit and there are no other issues with their tax return. Check Where’s My Refund for your personalized refund date.

And don't file early! Last year (for 2018) the IRS put out some late changes and some early filers got tax due notices after they got their refund. Also if you file in an early batch they get stuck in processing and might even take longer to get your refund.

And You should wait because you might get a late W2 or 1099 in the mail. They have until Jan 31 to send you the tax forms. Or they may send you a corrected W2 or 1099 even later.