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eji
Returning Member

Obviously I know we can't submit returns now for the 2020 tax year, but can we begin using TurboTax now to enter 2020 info in order to be ready after January 1, 2020?

 
7 Replies
xmasbaby0
Level 15

Obviously I know we can't submit returns now for the 2020 tax year, but can we begin using TurboTax now to enter 2020 info in order to be ready after January 1, 2020?

The 2020 software is not yet available.  Wait for a few weeks and then the beta version will be available.

 

Please be careful about being in too much of a hurry to file your next tax return.  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 the end of January 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.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
eji
Returning Member

Obviously I know we can't submit returns now for the 2020 tax year, but can we begin using TurboTax now to enter 2020 info in order to be ready after January 1, 2020?

OK, thank you. 

Carl
Level 15

Obviously I know we can't submit returns now for the 2020 tax year, but can we begin using TurboTax now to enter 2020 info in order to be ready after January 1, 2020?

Additional information:

Traditionally, the IRS does not open up e-filing until the last week of January at the earliest. There was one year where they didn't open it up until mid February. So completing your taxes before the IRS opens e-filing will not be of much benefit.

Also, e-filing before the IRS "officially" opens for e-filing means that your e-filed return will be stored on a server and just "sit there" until the IRS is ready. If during that time you realize you need to change or correct something, then to bad. You can't do anything until after the IRS either rejects your return, or processes it. 

It's also common for the IRS to pull a few test returns "before" they officially open e-filing. I have never in my life seen a test run of "anything" go perfect the first time. So if your return gets pulled for a test, you risk the possibility of it being lost permanently and forever in the IRS system. Then, when they IRS says you did not file a tax return and assesses late fines and penalties, good luck proving you did.

eji
Returning Member

Obviously I know we can't submit returns now for the 2020 tax year, but can we begin using TurboTax now to enter 2020 info in order to be ready after January 1, 2020?

Thanks, Carl. 

Just trying to complete as much as I can (mostly rental property stuff) before a deployment in January. My plan is just to let it sit until I can push the button. I know there is an automatic extension for me, but I don't want the hassle. Particularly as learning my AGI for 2020 will determine whether i can max our Roth IRAs before April.

VolvoGirl
Level 15

Obviously I know we can't submit returns now for the 2020 tax year, but can we begin using TurboTax now to enter 2020 info in order to be ready after January 1, 2020?

Do you want to use the Online version so you can file from anywhere?  If you buy the Desktop CD/Download program you only can file from the program on your computer.  So you might need to be home or have the program on  laptop with you.  Online will open sometime in December.

eji
Returning Member

Obviously I know we can't submit returns now for the 2020 tax year, but can we begin using TurboTax now to enter 2020 info in order to be ready after January 1, 2020?

Yes, plan is to file online while overseas; hoping I'll have access to internet. 

Thanks for the info!

Carl
Level 15

Obviously I know we can't submit returns now for the 2020 tax year, but can we begin using TurboTax now to enter 2020 info in order to be ready after January 1, 2020?

Yes, plan is to file online while overseas

Understand this:

If you will be paying your TurboTax fees via credit card or debit, then *ALL" of the below must be true.

1) The card must be issued by a U.S. banking institution in U.S. currency.

2) The billing address for the card must be a valid U.S. address

3) The phone number tied to the card must be a valid 10-digit U.S. phone number.

Additionally, the IRS will not direct deposit any refund you may be due, to a foreign bank account. Must be a U.S. bank account.

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