2021 eFile Question

[blend456]

Hi, will you submitting instantly to the IRS on Feb 12? 

What is happening with returns completed today, do we e file and then you hold onto them until Feb 12?

Also, does Feb 12 mean IRS will accept returns at midnight of Feb 12?

[AlanT222]

You can file your federal return when you have all your 2020 tax info (W-2s, 1099s, etc.) and all the tax forms and schedules in your return have been finalized (most should be ready by late January).

If you E-File before February 12, 2021, TurboTax will submit your return automatically on February 12, 2021. 

The IRS will start processing the backlog of e-filed returns on February 12, 2021.  Returns will be processed in the order received.  

FYI, under the PATH Act, the IRS cannot issue a refund involving the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) before mid-February. The law provides this additional time to help the IRS stop fraudulent refunds and claims from being issued, including to identity thieves.

The IRS anticipates a first week of March refund for many EITC and ACTC taxpayers if they file electronically with direct deposit and there are no issues with their tax returns. This would be the same experience for taxpayers if the filing season opened in late January. Taxpayers will need to check Where's My Refund for their personalized refund date.

Overall, the IRS anticipates nine out of 10 taxpayers will receive their refund within 21 days of when they file electronically with direct deposit if there are no issues with their tax return. The IRS urges taxpayers and tax professionals to file electronically. To avoid delays in processing, people should avoid filing paper returns wherever possible.

[SteamTrain]

@blend456 

In prior years, it took about a week for the IRS to work thru the piled up tax returns waiting to be processed.  This year, it may be worse....because there will be another 3 weeks for files to pile up before they start.  One year, the IRS had to stop processing to fix some computer issues...and the mess this year may make their problems worse.

I find it highly unlikely that yours will get accepted the same day they start processing....perhaps a 1% chance...hey sometimes miracles happen....and the IRS sometimes does a few test "pulls" before they start officially...so you could get lucky...like the 750-million $ Powerball lucky?

[blend456]

Thanks, yes this is what I fear, I don't get refund, I pay a ton in taxes but I am buying a house and I need that transcript ASAP

Im gonna get an ulcer

[blend456]

FOR ALANT22

Thanks, I don't get refund, I pay in a ton in taxes and I need the transcript because I am in the middle of a mortgage loan.

So you are sure they are accepting in order received? What is the order - is it the order submitted to you or that which you submit to them? If its the second option, are you tracking order of submissions?

[Mike9241]

please consider that not only will TT be sending in its returns on 2/12 but also the thousands of other preparers will be sending in theirs.  when the IRS will get to your return is unknown.  from personal experience I found that the date that the IRS accepts is not necessarily the date a transcript will be available.   acceptance only means that your return has passed some checks like valid w-2, SSNs also a check that the SSNs on your return haven't been used on another return. it is not full processing. that involves checking the numbers on your return against 1099's, 1098's and other forms submitted by reporting agents. 

[SteamTrain]

@blend456 

Are you sure a transcript for your 2019 taxes won't do?   The mortgage people have to know by now that 2020 taxes submissions and processing are significantly delayed.  And make sure you clarify which year they really want....sometimes they say 2020....but mean what was filed "in" 2020, meaning your 2019 taxes.

[fanfare]

You don't need a transcript. You are looking at your 1040.

Pint your form 1040 Pg 1 and 2 and sign it.

That is good enough.

 I agree that they shouldn't ask for 2020 since you might have an extension of time to file (October).

The alternative is photocopy of W-2 or final paystub.

[blend456]

You cannot get a mortgage loan without a Tax Transcript

[BillM223]

What are the mortgage people asking for? Your 2020 tax return? They normally ask for your last filed tax return; as fanfare points out, you are not even required to file by April 15th or October 15th if you file an extension.

Or perhaps they will be happy with your actually filed 2019 return. You have a copy, right?

And as the others point out, we can't know how quickly a transcript will be produced from a 2020 filed return anyway.

Under the circumstances, I am surprised that the mortgage company won't take a photo copy of your 2020 return.

@blend456

[blend456]

I am self-employed, for me to qualify for the loan I need IRS transcripts for 2 years, all self-employed do, no exceptions and the underwriting requirements are even stricter now during Covid.

And, normally all underwriting requires a transcript, they need to verify you actually filed the return and paid your taxes, not just show them a copy of a prepared return. 

Since my net profits more than tripled in 2020, I need that income to get the house I want, the 18 and 19 returns are not enough. 

[Mike9241]

what are you looking for?  you can print out your return (will have to pay any fees first).  the IRS will nor start accepting 2020 e-filed returns until 2/12/2021