It is VERY early and the IRS is not accepting returns until the end of January. Click on Review to see what forms you are waiting for.
When can I file for 2019?
Even if you “e-file” your 2019 tax return, be aware that your return is just going to sit on a server waiting until the IRS begins to accept returns in late January. If you discover that you need to change something, you will not be able to do it unless the IRS rejects your return. If they accept it with your mistake, you will have to wait out the IRS and amend later after they fully process the return. (The 1040X form you will need does not become available until late February so you have to wait for that, too) And amending takes about 4 months. Amended returns have to be mailed; you can’t “fix” a mistake and e-file the correction.
Just hours after TurboTax started allowing users to e-file last year, we began to hear from people who were in such a rush to file that they made big mistakes and were then stunned to find out that they could not do anything to fix their mistakes for weeks, if not months. Do you want to be one of them?
If you are getting Earned Income Credit or the additional child tax credit, the PATH act means you will not receive your refund until very late February/early March at best, no matter how early you file.
Tax preparation software cannot be finalized and become available to you until the IRS finalizes the forms and then goes through the process of approving the software. Further, many states do not have their forms ready to use yet. Click on Review to see what forms you are still waiting for.
Employers have until the end of January to issue W-2’s. You may also need to wait for your various kinds of 1099’s and/or 1098’s to come from banks, Social Security, schools, and other financial institutions that will issue them in late January/early February.
Trying to file too early is unwise. With new forms and new software, it is better to wait for the “bugs” and “glitches” to be worked out before you file. Filing too early because you hope for a quick refund may accomplish just the opposite—your return could end up clogged in a mess that will take weeks or even months to sort out, as many “early” filers have discovered in the past.
**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.**
