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What makes it *available* in TurboTax is a complicated process and is not related to when the IRS releases the paper version of the from because TurboTax (and other that software companies) cannot program form paper forms. The *IRS* must convert it's paper form to an electronic file specification (schema) that describes all the data fields (forms are not transmitted to the IRS - data is) so that the IRS computer can understand the data sent to them. That electronic form must then be submitted to the IRS for testing and approval before it can be released to the public. That process *can* take up to 2 months after the paper form is released, depending in the speed of the IRS.
TurboTax must adhere to the IRS regulations for electronic tax providers or they can loose their license to be a tax software provider.
For many 2020 forms that process has not even started because either the form or the form instructions paper version is still in the draft state. Both the form and form instructions must be released on paper before the electronic process can start.
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Are you trying to prepare a 2020 tax return?
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
So many characters max. The 1040 and EIC show not available but another tax site is showing the forms as ready for filing as of today. Loyal customer of Turbo Tax so I wanted to inquiry. - Thank you and stay safe
That's a decision each software company has to make as to whether their forms are "Really" ready.....(and some may hedge, prevaricate ( ( lie ??) )...to get some presumed marketing advantage )
DO NOT FILE before the end of January. The IRS says they won't be processing any tax returns (other than a few tests) before 27 January.
IF TTX or anyone else "allows" you to file earlier...it will sit LOCKED on their computer servers until the IRS takes it, in late January or Feb. In prior years, many folks filing as early as "allowed" would get their tax returns processed later than those who filed after the IRS really started processing at a later date....i.e. it's NOT first-in-first-out (FIFO)
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.
Turbo tax updates their software normally over Wednesday night into Thursday morning and require review by IRS.... Tax window doesn't open until Jan 27 and IRS can't refund if there is EITC until mid-Feb in any event.
Also, with the 2nd stimulus, more programming changes are required so I would be hardpressed to understand how ANY preparer could have reprogrammed the 1040 and gained IRS review and signoff in the 5 days since the IRS released the changes to the 1040 on December 31 as a result of the tax law change of last week.
Suggest being wary of any firm that states they have the final 1040 programmed - ask them how they did that in 5 days, when 3 of the, were holiday and weekend!
Because of all the last minute changes Congress made, best not to rush to file this year...it may cause you quite a headache otherwise.
Respectfully I have to wait regardless as I have dependents. I prefer as soon as possible because as a single mom with three kids, one having MH issues, I tend to forget a lot or not get everything I would done within a 24 hour period. I appreciate the response that TT has decided to wait until the 7th. I am a loyal customer so I’m not in a rush per day for money reasons. I have survived worse than the pandemic and put my trust in a higher power than TT. 😂 Just curious of the dates.
What makes it *available* in TurboTax is a complicated process and is not related to when the IRS releases the paper version of the from because TurboTax (and other that software companies) cannot program form paper forms. The *IRS* must convert it's paper form to an electronic file specification (schema) that describes all the data fields (forms are not transmitted to the IRS - data is) so that the IRS computer can understand the data sent to them. That electronic form must then be submitted to the IRS for testing and approval before it can be released to the public. That process *can* take up to 2 months after the paper form is released, depending in the speed of the IRS.
TurboTax must adhere to the IRS regulations for electronic tax providers or they can loose their license to be a tax software provider.
For many 2020 forms that process has not even started because either the form or the form instructions paper version is still in the draft state. Both the form and form instructions must be released on paper before the electronic process can start.
Thank you. I just wanted an understanding and you gave me that. - Stay safe and be blessed
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