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New Member
posted Jan 19, 2021 4:12:55 PM

Hey can I use my bank statements to file my taxes

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2 Replies
Level 15
Jan 19, 2021 4:16:43 PM

Your bank statements?     Please explain what you are hoping to enter from bank statements.

Level 15
Jan 19, 2021 4:24:06 PM

@ levornmiller

asked:  "Hey can I use my bank statements to file my taxes?"

 

Are you trying to prepare a 2020 tax return before you have received your 2020 W-2 forms and/or 1099 forms?   If so, that's a no-no!   Employers and payers have until January 31 to mail them out.   You need to wait until you have all of your tax informational forms before finishing and filing your return.

 

Plus, due to late tax law changes the IRS will not even open up to start processing until February 12, 2021, except for a few returns they pull early for testing purposes.   Even for those who have all their documents and are able to efile now, the return just sits on the TurboTax servers until February 12, except for the few pulled early.   So there is no hurry to file this early.  

 

If you file without all your information, you run the risk of filing an incorrect/ incomplete return.  And if your return is accepted, then the only way to later change it is with an amended return, which can be a hassle.