topic Re: Filing for 2021 in Get your taxes done using TurboTax

Filing for 2021

ChristieMont — Tue, 04 Jan 2022 20:23:53 GMT

I need to know when I will be able to pay for turbo tax with my refund so I can file please? The finalization of forms is what I am waiting on but I don't have any difficult ones.. just eic

Re: Filing for 2021

xmasbaby0 — Tue, 04 Jan 2022 20:29:05 GMT

In a few days you might be able to choose to pay with your refund if your refund is going to be enough to pay your fees PLUS the extra refund processing fee of $40. But what is the hurry--since you cannot e-file yet.

You can fall for the marketing ploy that will allow you to e-file early if you want to—-but be aware that your e-file will just sit on a server and if you discover that you need to make any changes you will not be able to. You cannot change or add anything while your return is in pending on the server. You have to wait until the IRS ether accepts or rejects it much later in January or early February. If it is rejected you can fix it; if it is accepted with your mistakes you have to wait for it to be processed and go through the lengthy process of amending.

You still need your 2021 W-2's and any 1099's that will show your income for 2021. Those will not be issued until late or the end of January.

The tax forms are not ready yet. The software still needs lots of updates. Go to the REVIEW tab to see which forms in your return are incomplete and the estimated dates they will be ready (dates always subject to change) and sign up for the email alerts if you wish.

Being in a hurry to file and get a refund is never a good idea---it leads to filing incorrectly without all of your information and to waiting months to amend mistakes that you should not have made in the first place. Be patient and file correctly when all of your information is in order and the tax forms are ready.

And…..if you are trying to rush because you get earned income credit or the child tax credit——the PATH act means you cannot get your refund until the end of February at the earliest—so filing early will not get you an early refund.

Re: Filing for 2021

ChristieMont — Tue, 04 Jan 2022 20:33:51 GMT

Filing earlier helps from what I know.. last year I was waiting on forms until March.. this year I have no forms in specific to wait on just the IRS.. I would rather submit even if the IRS takes their time.. I just need to know when the option will be available to take it out of my refund..

Re: Filing for 2021

xmasbaby0 — Tue, 04 Jan 2022 20:55:17 GMT

https://ttlc.intuit.com/community/forms/help/irs-forms-availability-table-for-turbotax-individual-personal-tax-products/00/26224

https://ttlc.intuit.com/community/forms/help/state-forms-availability-table-for-turbotax-individual-personal-tax-products/00/26227

REFUND PROCESSING

Do you mean you want to pay your TurboTax fees from your federal refund? If your federal refund will be enough to pay the software fees AND the extra $39.99 refund processing fee to have a third party bank process your refund then when you are in the FILE section you will be able to make that choice. Please make note that if your refund takes too long to arrive (IRS delays, etc.) then you will also be agreeing that the TurboTax fees can be extracted from your bank account even before your refund is issued by the IRS. This comes as an unpleasant shock to many people every year. It is better to pay for the software upfront using a credit card than to face the extra $39.99 fee and the possibility of the fees coming out of your account at a very inconvenient time.

And....you can never pay state tax due from a federal refund, so do not expect that. The state tax due has to be paid directly to your state.

Re: Filing for 2021

ChristieMont — Tue, 04 Jan 2022 21:00:34 GMT

Thank you.. for mine it says the 6th.. hopefully it doesn't take forever so the fees don't come out of my account.. thanks again

Re: Filing for 2021

xmasbaby0 — Tue, 04 Jan 2022 21:02:54 GMT

Just be well aware----even if you can e-file soon -- it will be weeks before the IRS begins to accept/reject returns, and you are going to wait for EIC no matter what.