Slow down. The IRS is not accepting returns until the end of January.
There are a number of 2020 forms — including the Form 1040 now that the 2nd stimulus passed — that are still being revised by the IRS and the states. Click on the REVIEW tab to see what form(s) you are waiting for and when it is estimated to be ready (when operational ….and dates are subject to change) ...
IRS Forms Availability Table for TurboTax Individual (Personal) Tax Products
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State Forms Availability Table for TurboTax Individual (Personal) Tax Products
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.
Although the software will allow you to e-file in early January, the IRS does not begin to accept the e-files until almost the end of January. So 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.
https://ttlc.intuit.com/community/tax-topics/help/how-will-the-stimulus-package-impact-me/00/1393859
We know that the IRS is already revising the 2020 Form 1040 because of the 2nd stimulus. 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. I 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.
**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.**
