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January 14, 2021
Question

How to file advance tax

  • January 14, 2021
  • 2 replies
  • 0 views
I'm planning to submit the 2020 tax today can I file them

2 replies

DoninGA
Employee
January 14, 2021

Have you received every W-2 from every employer you worked for in 2020?  Have your received every Form 1099 for any unemployment , interest, dividends or self-employment income received in 2020?

 

If the answer is No.  They you do not file the 2020 tax return.  The IRS expects to see all of your income entered on One tax return.

Employee
January 14, 2021

You can e-file now but be aware that for the next few weeks it will just sit in pending on the server.  The IRS will not begin to accept/reject or process a 2020 return until at least the end of January.  While your return sits on the server, you cannot change one thing if you find out you made a mistake.   All kinds of people have already rushed to e-file this week and they are now asking what to do because they left out W-2's, 1099G's, dependents, stimulus money, childcare credits, etc. etc. etc.  It would be better to wait until early February to file.

 

And if you are seeking the advance loan, you do not get the money until the IRS accepts your return.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**