No, you can file your federal return when you have all your 2020 tax info (W-2s, 1099s, etc.) and all the tax forms and schedules in your return have been finalized (most should be ready by late January).
The IRS will start processing the backlog of e-filed returns on February 12.
Please see the TurboTax FAQ below for reasons you may not be able to e-file:
No, it keeps telling me that I’m not eligible to e-file that I need to wait and mail my return in. This has never happened. I’ve used this service for over 5 years so i’m just gonna wait till after the 15th and E file my taxes then.
It should tell you why. You might have a form that is not e-fileable. You cannot e-file a W-2 that has zero box 1 amount. There are several other reasons.
Yeah, I’m waiting on a form so I just deleted my return and I’ll file after February 15th. I’m in no hurry to file.