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jac5
New Member

Why is form 540 not ready yet?

 
12 Replies
Critter
Level 15

Why is form 540 not ready yet?

Because the state has not approved the form for efiling use yet ... when it is approved and tested it will be operational.  Click on the REVIEW tab to see what is holding you up and what estimated date is posted (subject to change). 

 

And since the feds will not be processing any returns prior to 1/27 you can afford to be patient.  

Critter
Level 15

Why is form 540 not ready yet?

Although TurboTax will  allow you to e-filed some returns as early as 1/2   they are NOT sent to the IRS.  TurboTax stores those early filed returns  until the IRS opens for business and pulls the returns for processing (Currently the start date is 1/27/20 but subject to change) ...   only then will you get an e-mail telling you if the return was accepted or rejected by the IRS.  



Only the simplest returns can be transmitted to TurboTax early.    Some forms will not be finalized until Jan 25 and some later than that.

https://ttlc.intuit.com/questions/1908854-forms-availability-table-for-turbotax-federal-products-exc...

Why does TurboTax allow early filing?  Because their competitors do - It is a marketing ploy to capture market share.

Filing early with TurboTax before the IRS opens  is a really BAD IDEA for many reasons...

1) If you discover something that is wrong on your return, receive a W-2 that is different, receive some other tax document that was not on the return that you filed then there is NOTHING that you can do about it other than wait to see if the IRS accepts or rejects the return after they open.  If rejected you can correct and file again, but if accepted then the only remedy is to amend which can take 4 months to process.

2) You must remember to check back after the IRS opens (or check for an e-mail) to confirm that the IRS has accepted or rejected the return.  If rejected, then it was never filed at all and must be corrected and re-filed.  Every year many taxpayers that file early, forget to check back and only discover months later that they never actually filed because if was rejected by the IRS but they had forgotten about checking back after filing with TurboTax.

3) While the IRS does conduct some pre-opening tests and does accept some returns early (ONLY for TESTING purposes), they will not actually  process those until after the official opening date.  There is a reason to test and that is to discover any problems with it's systems.  A couple of years ago a test went bad and several thousand "test" returns were lost.   The IRS was able to recover those but it delayed refunds for some by months.

There is no real advantage to file before the IRS opens  but there are several disadvantages to do so.

 

 

 

 

Refund Timing for Earned Income Tax Credit and Additional Child Tax Credit Filers   https://www.irs.gov/individuals/refund-timing

 

 

Taxpayers who claim the Earned Income Tax Credit or the Additional Child Tax Credit may experience a refund hold. According to the Protecting Americans from Tax Hikes (PATH) Act, the IRS cannot issue these refunds before mid-February. The IRS expects the first EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards by the first week of March, if they chose direct deposit and there are no other issues with their tax return. Check Where’s My Refund for your personalized refund date.

WMR on IRS.gov and the IRS2Go app will be updated with projected deposit dates for most early EITC/ACTC refund filers by February 22. So EITC /ACTC filers will not see an update to their refund status for several days after Feb. 15.

The IRS, tax preparers and tax software will not have additional information on refund dates, so Where’s My Refund? remains the best way to check the status of a refund. Where’s My Refund? is only updated once daily, usually overnight, so you don’t need to check the status more often.

Why is my refund being held?

If you claim the EITC or ACTC on your tax return, the IRS cannot issue your refund before mid-February. The law requires the IRS to hold the entire refund — even the portion not associated with the EITC or ACTC. Like previous years, some tax refunds may be held if there are questions about the tax return or the IRS needs more information.

When will I get my refund?

The IRS expects the first EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards by the first week of March, if they chose direct deposit and there are no other issues with their tax return. Check Where’s My Refund for your personalized refund date.

Why does it take so long for the funds to show up in my account?

It takes additional time for refunds to be processed after leaving the IRS, and for financial institutions to accept and deposit them to bank accounts and products like debit cards. Also, many financial institutions do not process payments on weekends or holidays, which can affect when refunds reach taxpayers. For EITC and ACTC filers, the three-day holiday weekend involving President’s Day affects their refund timing.

How do I check the status of my refund?

WMR on IRS.gov and the IRS2Go app will be updated with projected deposit dates for most early EITC/ACTC refund filers by February 22. So EITC /ACTC filers will not see an update to their refund status for several days after Feb. 15.

The IRS, tax preparers and tax software will not have additional information on refund dates, so these filers should not contact or call about refunds before the end of February.

 

 

A2Z
Returning Member

Why is form 540 not ready yet?

Today is 2/11/2020 and Turbotax still has not updated 540 for it to see the estimated taxes paid  and entered when completing the 1040 section. Have not seen any information as to when Turbotax will update California FTB, even though form 540 is available otherwise. Over-rides are not permitted it seems. We all need an answer from TurboTax soon

JakailaLO
Expert Alumni

Why is form 540 not ready yet?

Please see response above posted by Critter

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A2Z
Returning Member

Why is form 540 not ready yet?

2/25/2020

Called TurboTax [phone number removed]) regarding updates of California FTB tax forms, (such as 540, 5805 & 540-CA) and they say that their software is in error in that it reports forms are updated but indeed they are not! TurboTax suggests waiting for updates this month and disregarding the erroneous reports that updates are available.

Downloading fresh TurboTax software does not help, nor does manual updating. No date is given for these updates.

Dextra
Returning Member

Why is form 540 not ready yet?

Still not ready even though it's shown as available

LinaJ2020
Expert Alumni

Why is form 540 not ready yet?

The form is ready.  Click here to check: State tax forms

 

Make sure to first update your program.  Here are the steps:

  • If you are using the TurboTax CD/Download software program, open the program, from the top, under Online, select Check for Updates.
  • If you are using the online version, it's an automatic update when you sign in and out. 
  • For the desktop, make sure to exit the program after the update, then return to open up the program. 

@Dextra

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vpham837
New Member

Why is form 540 not ready yet?

I am having the same issue. CA Individual form 540 still say ready soon for both available to file by mail and efile. Is the form not finalized by the franchise tax board?

WKins2
Expert Alumni

Why is form 540 not ready yet?

Check to make sure your software is up-to-date, form 540 is ready and available. 

 

To check availability of CA forms click here: https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_ca_online_individual.html

 

For software updates follow these steps:

 

  • If you are using the TurboTax CD/Download software program, open the program, from the top, under Online, select Check for Updates.
  • If you are using the online version, it's an automatic update when you sign in and out. 
  • For the desktop, make sure to exit the program after the update, then return to open up the program. 
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briantitus
New Member

Why is form 540 not ready yet?

I just checked today and TT H&B still says "Ready Soon:.

I have updated the software.  Restarted...still have an issue..The website says this form SHOULD be available.

It's been several weeks since this issue was identified and yet there is no fix.  I'm desperately waiting to file my return but can't without the necessary form (540)

DonnaLO
Expert Alumni

Why is form 540 not ready yet?

Since you have insured that your software is updated, please use this link to reach technical support:

 

https://support.turbotax.intuit.com/contact/ 

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jenniferlee
Returning Member

Why is form 540 not ready yet?

I had this issue too, on my desktop turbo tax. What I figured out was that you have to go to the Online Tab > Download Form, to download the CA form.  AND THEN you check for updates. That worked for me! 

 

I thought I had already "downloaded" the form since I chose California for my state return...apparently not. 

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