Really? The tax software was released in late 2020. And at the END of December 2020 Congress passed new tax laws. It takes time for the IRS and software programmers to make all the changes that are required for the tax laws and new forms. After the IRS makes its changes to the forms then all of the tax software has to be changed and go though a testing and approval process by the IRS before it can be updated for your use.
Since the IRS is not accepting 2020 returns until the end of January, you can wait to e-file.
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.
The IRS will not begin to accept the e-files until almost the end of January. So even if you e-file before that, 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.
We know that the IRS is already revising the 2020 Form 1040 because of the 2nd stimulus changes to the tax law. 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. 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.
Just what I expected. An arrogant response like "you should have known it wasn't current." I called your support staff about this and lo and behold was told that THEIR version was current -- they ran a quick calculation of my taxes based on numbers I gave them my taxes and told me the result.
I have no problem with it not being current but YOU DID NOT DISCLOSE THAT WHEN I BOUGHT IT -- NOR WHEN I RAN A ROUGH CALCULATION OF MY TAXES. And I didn't buy it to file my taxes quickly but rather to determine what my last estimated tax payment -- due on 1/15 -- was going to be. And your CD program is off by $400,000. That is quite a difference.
So please stop the arrogance, and start telling people what they are buying. This will be the last time I use Turbotax. There are plenty of other products out there.
Yes that part might be current now. But not the whole program. There will be lots of updates. Have you updated your program? Go up to Online-Check for Updates. They usually update each Thursday. Even the IRS has not finalized all the forms and calculations.
Yes I have tried to update the program I purchased -- and am repeatedly told that my software is up to date! I'm not an idiot.
And as for having to wait for forms, I'm not asking for a form, just a correct calculation -- not one that is $400,000 off. It isn't rocket science to get the calculations right, even if you don't yet have the forms.
the estimated tax payments calculated by TurboTax 2020 are for 2021.
If you think you will owe a lot, just make an estimated payment for as much as you can, based on your current cash flow -- for 2020.
I keep getting these non responsive apologies for Turbotax. I am just doing a calculation of my 2020 tax using Turbotax2020 so that I can determine what my remaining estimated tax payment for 2020 is. The calculation of my 2020 tax is ridiculously wrong -- by hundreds of thousands of dollars. And it has noting to do with form. They have the right form (it is attached to the return they prepare for me with the 2020 return) but the CD software is not using that form -- and will not even let me fill in the missing blanks to get the right answer. THE SOFTWARE IS NOT UP TO DATE. The Turbotax rep I spoke with admitted that to me (her online version was correct). Do you get it now?