topic Before I can finish my 2020 return, the IRS needs to, "finish finalizing some or all of my forms...". Just wondering what that means exactly and how long that might take? in Get your taxes done using TurboTax

Before I can finish my 2020 return, the IRS needs to, "finish finalizing some or all of my forms...". Just wondering what that means exactly and how long that might take?

brandon_allen119 — Sun, 03 Jan 2021 20:53:00 GMT

Re: Before I can finish my 2020 return, the IRS needs to, "finish finalizing some or all of my forms...". Just wondering what that means exactly and how long that might take?

xmasbaby0 — Sun, 03 Jan 2021 20:55:09 GMT

There are a number of 2020 forms that are still being revised by the IRS. and the states. Click on the REVIEW tab to see what form(s) you are waiting for and when it is estimated to be ready (when operational ….and dates are subject to change) ...

IRS Forms Availability Table for TurboTax Individual (Personal) Tax Products

State Forms Availability Table for TurboTax Individual (Personal) Tax Products

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 January. 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 February1. 2021 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.

https://ttlc.intuit.com/community/tax-topics/help/how-will-the-stimulus-package-impact-me/00/1393859

We know that the IRS is already revising the 2020 Form 1040 because of the 2nd stimulus. That means all tax preparation software programs will also have to be re-programmed and updated. Those changes could take until sometime in late January or even longer—we do not know yet. Do NOT be in a hurry to file your 2020 tax return until more is known. I It is never a good idea to file too early; filing your 2020 return too soon may result in a lot of extra confusion that can be avoided if you wait and file a little later.

Re: Before I can finish my 2020 return, the IRS needs to, "finish finalizing some or all of my forms...". Just wondering what that means exactly and how long that might take?

DoninGA — Sun, 03 Jan 2021 20:58:07 GMT

The IRS has not yet completed the final processing of all the 2020 tax return forms and schedules that can be included in a federal tax return. The tax codes change from year to year and the IRS must update all the forms and schedules for the current tax year. And has to create new forms and schedules based on any tax code changes.

In the Review section you are shown a list of forms and/or schedules that are included in your federal tax return but not yet finalized.

Go to this TurboTax website for IRS forms availability - https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_online_individual.html

Re: Before I can finish my 2020 return, the IRS needs to, "finish finalizing some or all of my forms...". Just wondering what that means exactly and how long that might take?

Critter-3 — Sun, 03 Jan 2021 21:00:08 GMT

It means exactly what it says ... look in the REVIEW tab to see exactly which forms are not yet ready and when they are currently expected to be ready ... dates are always subject to change. Due to the last minute tax law changes many forms need to be redone starting with the base form the 1040. The IRS will not start processing before 1/27 at the earliest so patience will be needed while everyone catches up with what congress did in the last week of 2020. NO ONE can file until the 1040 is ready ...