Question

2021 eFile Question

Forum|Forum|5 years ago
January 17, 2021
2 replies
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Hi, will you submitting instantly to the IRS on Feb 12?

What is happening with returns completed today, do we e file and then you hold onto them until Feb 12?

Also, does Feb 12 mean IRS will accept returns at midnight of Feb 12?

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).

If you E-File before February 12, 2021, TurboTax will submit your return automatically on February 12, 2021.

The IRS will start processing the backlog of e-filed returns on February 12, 2021. Returns will be processed in the order received.

FYI, under the PATH Act, the IRS cannot issue a refund involving the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) before mid-February. The law provides this additional time to help the IRS stop fraudulent refunds and claims from being issued, including to identity thieves.

The IRS anticipates a first week of March refund for many EITC and ACTC taxpayers if they file electronically with direct deposit and there are no issues with their tax returns. This would be the same experience for taxpayers if the filing season opened in late January. Taxpayers will need to check Where's My Refund for their personalized refund date.

Overall, the IRS anticipates nine out of 10 taxpayers will receive their refund within 21 days of when they file electronically with direct deposit if there are no issues with their tax return. The IRS urges taxpayers and tax professionals to file electronically. To avoid delays in processing, people should avoid filing paper returns wherever possible.

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B

blend456Author

FOR ALANT22

Thanks, I don't get refund, I pay in a ton in taxes and I need the transcript because I am in the middle of a mortgage loan.

So you are sure they are accepting in order received? What is the order - is it the order submitted to you or that which you submit to them? If its the second option, are you tracking order of submissions?

M

Mike9241

please consider that not only will TT be sending in its returns on 2/12 but also the thousands of other preparers will be sending in theirs. when the IRS will get to your return is unknown. from personal experience I found that the date that the IRS accepts is not necessarily the date a transcript will be available. acceptance only means that your return has passed some checks like valid w-2, SSNs also a check that the SSNs on your return haven't been used on another return. it is not full processing. that involves checking the numbers on your return against 1099's, 1098's and other forms submitted by reporting agents.

SteamTrain

Employee

@blend456

In prior years, it took about a week for the IRS to work thru the piled up tax returns waiting to be processed. This year, it may be worse....because there will be another 3 weeks for files to pile up before they start. One year, the IRS had to stop processing to fix some computer issues...and the mess this year may make their problems worse.

I find it highly unlikely that yours will get accepted the same day they start processing....perhaps a 1% chance...hey sometimes miracles happen....and the IRS sometimes does a few test "pulls" before they start officially...so you could get lucky...like the 750-million $ Powerball lucky?

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*