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TurboTax will allow you to e-file in early January because TT wants to capture marketshare of users who will then be committed to using TurboTax. But your e-file will just sit on a server until the IRS actually begins to accept/reject e-files in late January. While a return sits in pending on a server, the person who e-filed it is powerless to make any changes. And....often, people who rush to e-file suddenly realize they made mistakes, forgot to enter income, etc. etc. And....they cannot fix their incorrect returns.
Even if Turbo Tax lets you efile early they will still hold all the returns until late January when the IRS opens and starts pulling the efiles. So there's no rush. You won't be first in line. And you may get some other tax forms in the mail you aren't expecting. They have until Jan 31 to send you any tax forms and February for 1099 investment forms.
The IRS has not yet announced a date when e-filing of 2023 tax returns will start. TurboTax lets you "e-file" now, but your tax return will not really be filed. TurboTax will just hold it until the IRS begins accepting returns. Nothing will be done with it before then. If you submit it early, be aware that you can't cancel it or get it back to make changes or corrections if you find that you made an error or left something out.
Does TurboTax hold the returns until IRS opens in late January or when you finish filing, they automatically send it out to IRS & it sits there on a server?
How are some people’s returns (right now since the 16th) saying accepted (by IRS) if TurboTax holds them? That can’t be true then, because IRS does test batches on early filers (it’s all over reddit-TurboTax customers also)!!
@Slimn17 *Some* returns have been accepted in some small early test batches. But millions of other returns are still just sitting on the servers, waiting for the IRS to open on January 29. Even if you are in an early test batch, your refund will be held until mid-February if you are getting earned income credit or additional child tax credit. Filing early does not guarantee that you will be in a test batch.
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