Tax season can often feel like a race against the clock, but what if you could get a head start? The good news is, with TurboTax, you often can begin preparing your taxes much earlier than the official IRS opening date. This comprehensive guide will walk you through everything you need to know about how early you can file taxes on TurboTax, why it's a good idea, and the step-by-step process to ensure a smooth filing experience.
How Early Can You File Taxes on TurboTax? A Deep Dive into Getting Ahead of Tax Season
Ever wondered when that "Tax Season" buzz officially begins? And more importantly, how TurboTax fits into that timeline? Let's unravel the mystery.
TurboTax typically allows users to begin preparing their tax returns in early December for the previous tax year. For instance, for your 2024 tax return (which you'll file in 2025), you could likely start inputting your information as early as December 2024.
However, there's a crucial distinction: preparing your taxes on TurboTax is different from filing them with the IRS. The IRS usually opens its e-file system for individual tax returns in mid-to-late January of the new year. For the 2025 tax season (for 2024 returns), the IRS is scheduled to begin accepting e-filed returns on January 27, 2025.
So, what does this mean for you? TurboTax acts as a secure holding pen. You can complete your return on their platform, and once you're ready, TurboTax will securely hold onto your completed taxes and transmit them to the IRS and state governments as soon as the IRS's e-file system officially opens.
 |
| How Early Can You File Taxes On Turbotax |
Step 1: Are You Ready to Get a Head Start on Your Taxes?
Before we dive into the "how," let's address the most important question: Are you ready? Getting an early jump on your taxes can save you stress, help you avoid last-minute scrambles, and even get your refund into your bank account sooner. So, let's make sure you're properly equipped for this proactive approach!
Sub-heading: Gathering Your Essential Documents
The cornerstone of early filing is having all your necessary documents in hand. While you can start entering information, you won't be able to finalize and transmit your return until you have everything. Here's a checklist of common documents you'll need:
W-2 Forms: These are crucial, as they report your income and withheld taxes from your employer(s). Employers are generally required to mail these out by January 31st.
1099 Forms:
1099-INT: For interest income from banks.
1099-DIV: For dividend income from investments.
1099-B: For proceeds from brokerage and barter exchange transactions.
1099-MISC/NEC: For miscellaneous income or non-employee compensation (if you're a freelancer or contractor).
1098 Forms:
1098-E: For student loan interest.
1098-T: For tuition payments (education credits).
1098-Mortgage: For mortgage interest paid.
Social Security Benefits Statement (SSA-1099): If you received Social Security benefits.
Health Coverage Forms (1095-A, B, or C): Relevant if you had health insurance through the marketplace, employer, or other sources.
Records of Deductions and Credits: This includes receipts for charitable contributions, medical expenses, property taxes, child care costs, and any other eligible deductions or credits you plan to claim.
Last Year's Tax Return: A great reference for your personal information, carryovers, and general tax situation.
Remember: You generally won't receive all these documents until late January. If you're missing a key form, do not rush to file. Wait until you have everything to avoid needing to file an amended return later.
Step 2: Accessing TurboTax Early for Preparation
Once you've decided to get a head start and have gathered as many documents as possible, it's time to fire up TurboTax.
QuickTip: Repeat difficult lines until they’re clear.
Sub-heading: Choosing Your TurboTax Product
TurboTax offers various products to suit different tax situations (Free, Deluxe, Premier, Self-Employed, etc.). You can usually access the new tax year's software or online platform in early December.
Online Version: Simply visit the TurboTax website and select the product that best fits your needs. You'll likely see an option to "Start for Free" or "Get Started" for the current tax year's filing.
Desktop Software (CD/Download): If you prefer to install the software on your computer, you can typically purchase and download or install the CD version around the same time.
Sub-heading: Creating or Logging into Your Account
If you're a returning TurboTax user, you can log in with your existing credentials. This is often beneficial as TurboTax can frequently import information from your previous year's return, saving you time. New users will need to create an account.
Step 3: Inputting Your Information and Working Through Your Return
This is where the magic happens – you start filling in your financial details.
Sub-heading: Navigating the Step-by-Step Interview
TurboTax is renowned for its user-friendly, interview-style process. It asks you questions in plain language and guides you through each section of your return.
You'll be prompted to enter your personal information, income from various sources (W-2s, 1099s), deductions, and credits.
The software will continually update your estimated refund or taxes owed as you enter information. This can be a great motivator to see your refund grow or understand your tax liability early on.
Sub-heading: Saving Your Progress Securely
One of the biggest advantages of starting early is that you don't have to complete everything in one sitting. TurboTax automatically saves your progress as you go. You can log out and return to your return whenever you have new documents or more time. Your information is encrypted and stored securely.
Step 4: Waiting for the IRS E-file Opening Date
You've completed your return on TurboTax, but the IRS isn't accepting e-files yet. What now?
QuickTip: Compare this post with what you already know.
Sub-heading: The "Pending" Status
Once you've finished your return and clicked the "Transmit" or "File" button in TurboTax, your return will go into a "pending" status. This means TurboTax has received your completed return and is holding it securely, ready for transmission.
 |
Important Note: Do not try to make changes to your return while it is in "pending" status. If you realize you need to make a correction, you'll typically need to wait for it to be rejected by the IRS (if it was part of a test batch) or for the IRS to accept it and then file an amended return later.
Sub-heading: Automatic Transmission to the IRS
You don't need to do anything further. TurboTax will automatically transmit your return to the IRS and relevant state tax agencies as soon as their systems officially open for e-filing. You'll receive email notifications from TurboTax confirming when your federal and state returns have been transmitted and then accepted or rejected by the respective tax authorities.
Step 5: Receiving Your Refund (or Paying Your Taxes)
Once your return is accepted by the IRS, the waiting game for your refund begins.
Sub-heading: Tracking Your Refund
The IRS aims to issue most refunds within 21 days of accepting an e-filed return. You can track the status of your federal refund using the IRS's "Where's My Refund?" tool, usually available within 24 hours of the IRS accepting your return. State refund tracking tools are also typically available.
Direct deposit is by far the fastest way to receive your refund.
Special Note for EITC/ACTC Filers: If you are claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC), by law, the IRS cannot issue refunds for these until mid-February. This is to help prevent fraud. So, even if you file early, expect your refund to arrive later if these credits are involved.
Sub-heading: Paying Taxes Owed
If you owe taxes, filing early gives you more time to prepare for your payment. You don't have to pay your taxes until the April 15th deadline (or the next business day if April 15th falls on a weekend or holiday). This extra time can be incredibly helpful for budgeting and planning. TurboTax will guide you through your payment options, which typically include direct debit from your bank account, credit card payment (with a processing fee), or mailing a check.
Benefits of Filing Early
QuickTip: Skim slowly, read deeply.
Quicker Refunds: The sooner you file, the sooner you're likely to get your refund, especially if you elect direct deposit.
More Time to Pay: If you owe taxes, filing early gives you ample time to budget and gather the funds by the April deadline without penalties.
Reduced Stress: Avoid the last-minute scramble and stress of filing close to the deadline.
Fraud Protection: Filing early can help protect you from tax identity theft. If a fraudster tries to file a fraudulent return using your Social Security number, the IRS will detect the duplicate filing if you've already submitted yours.
Correction Time: If you discover an error before the IRS opens e-file, you can correct your return in TurboTax before it's transmitted.
Frequently Asked Questions (FAQs)
Here are 10 related FAQ questions with quick answers:
How to know when TurboTax officially opens for the new tax year?
TurboTax typically announces the availability of its software and online platform for the new tax year in early December. Keep an eye on their website or your email if you're a previous user.
How to find out the IRS official e-file opening date?
The IRS usually announces its official e-file opening date in early to mid-January. You can check the IRS website directly or major financial news outlets for this announcement. For the 2025 tax season (2024 returns), it's January 27, 2025.
How to track my tax refund after filing with TurboTax?
After your return is accepted by the IRS, you can use the IRS "Where's My Refund?" tool on their website (IRS.gov/refunds) to track your federal refund status. You'll need your Social Security Number, filing status, and exact refund amount.
How to correct an error on my TurboTax return before it's transmitted to the IRS?
If your TurboTax return is in "pending" status before the IRS opens e-file, you can generally go back into your TurboTax account, make the necessary corrections, and re-transmit.
How to file an amended return if I find an error after my taxes are accepted?
QuickTip: A quick skim can reveal the main idea fast.
If your return has already been accepted by the IRS, you'll need to file an amended return using Form 1040-X. TurboTax can guide you through this process, but it's often more complex than an original filing.
How to get an extension if I can't file by the deadline?
You can file for an automatic six-month extension with the IRS (Form 4868) by the April 15th deadline. This extends the time to file your return, but not the time to pay any taxes owed.
How to pay my taxes if I file early but owe money?
If you file early and owe taxes, you don't have to pay until the April 15th deadline. TurboTax will provide options for payment, including direct debit from your bank account, payment by credit card (with a fee), or mailing a check.
How to receive my refund faster with TurboTax?
The fastest way to receive your refund is by e-filing your return and choosing direct deposit into your bank account.
How to ensure all my tax documents are ready for early filing?
Make a checklist of all potential income forms (W-2s, 1099s) and deduction/credit documentation. Contact employers or financial institutions if you haven't received required forms by late January.
How to get help if I have a complex tax situation when filing early?
TurboTax offers various support options, including TurboTax Live (where you can get help from a tax expert), community forums, and their extensive knowledge base. If your situation is very complex, consider consulting a tax professional.
 |
