When is the earliest I can file my 2021 taxes?

[SweetieJean]

You can do so now, although the IRS will not begin accepting/rejecting returns until Jan 24.

  However, you must wait until you've received the Child Tax Credit and Stimulus forms from the IRS.

[xmasbaby0]

I worry when people ask how soon they can file and want to file the minute they can, because experience here has shown that many of those same people will be back in this forum in a few weeks asking how to amend.  Right now it has been taking the IRS more than six months to process amended returns.  Filing too soon could mean you are setting yourself up for months of aggravation.

 You can fall for the marketing ploy that will allow you to e-file early if you want to—-but be aware that your e-file will just sit on a server and if you discover that you need to make any changes you will not be able to.   You cannot change or add anything while your return is in pending on the server.   You have to wait until the IRS ether accepts or rejects it afterl January 24.   If it is rejected you can fix it; if it is accepted with your mistakes you have to wait for it to be processed and go through the lengthy process of amending.

  You still need your 2021 W-2's and any 1099's that will show your income for 2021.    Those will not be issued until late January or early February. 

The tax forms are not ready yet. The software still needs lots of updates.  Go to the REVIEW tab to see which forms in your return are incomplete and the estimated dates they will be ready (dates always subject to change) and sign up for the email alerts if you wish.  

 .   

 Being in a hurry to file and get a refund is never a good idea---it leads to filing incorrectly without all of your information and to waiting months to amend mistakes that you should not have made in the first place.   Be patient and file correctly when all of your information is in order and the tax forms are ready.

https://ttlc.intuit.com/community/forms/help/irs-forms-availability-table-for-turbotax-individual-pe...

https://ttlc.intuit.com/community/forms/help/state-forms-availability-table-for-turbotax-individual-...

And based on the delays for 2020 refunds I for one do not even want to guess how long the IRS will take to process 2021 returns and send out refunds.   Expect confusion regarding the child tax credit----wait for the letter 6419 they will send you in January that tells you how much of the advance CTC you got because you need to enter that.    And if you got the 3rd EIP in 2021 there will be a letter for that too.  Those amounts need to be entered carefully and correctly.

And…..if you are trying to rush because you get earned income credit or the child tax credit——the PATH act means you cannot get your refund until the end of February at the earliest—so filing early will not get you an early refund.

And….as of one day after people were allowed to start e-filing we were already seeing users post that they made mistakes and want to fix them——and they cannot fix their mistakes.

[nukeyhov]

Hello,

Thanks so much for the detailed and thoughtful response. 

These situations actually won’t apply to me. I’d like to apply immediately so I can receive a pre-approval for an investment property. I’m self employed and track my own income and expenses, so W2s and 1099s won’t apply here. I also am expecting to pay close to $10k in taxes, so a refund won’t apply either. Lastly I have no children, therefore no tax credits. 

My only hurdle would be documents from TD Ameritrade for my stock brokerage account won’t be available until Jan 20, although I can probably sift through and do the math there myself. 

I’ve read online that January 24 is the earliest, and also read about the early file you’re referring to. 

You seem very knowledgeable here so I’d like to ask, if I file my taxes let’s say this week, is there an expected timetable for them to issue a transcript? 

[xmasbaby0]

I for one would not dare to predict the timetable for when the IRS will have a 2021 transcript ready for you.   The 2020 tax return season was fraught with long delays, and we have no idea how long the still-backlogged, understaffed, underfunded IRS will take to process 2021 returns during a still ongoing pandemic.   All you can do is check the transcript site from time to time to see when they have it.  Do not expect quick results and you will not be disappointed.

You can get a free transcript from the IRS:   

https://www.irs.gov/individuals/get-transcript

[nukeyhov]

Thanks so much, best wishes