DQOTD: What’s The Downside of Filing Tax Return Early (Now)?

[Time2]

Quote:

Originally Posted by m3bs The possibility of having a revised 1099 issued for a brokerage account is the reason I wait a little while. Saves having to file an ammended return. I've only had it happen once and the difference was incidental, but it still could have triggered a mismatch in the IRS system.

One year I went to my accountant in March and got my taxes prepared. We got it all wrapped up I went home, got out of the ca,r grabbed the mail and there it was, a revised 1099! Arrghh!

[Cobra9777]

OP, I hope the discussion between RunningBum and cathy63 convinces you to wait. IME, filing 1040-X is like opening a can of worms. It's processed by hand which takes many months and can increase audit risk. If you don't file 1040-X (which is what a lot of experts recommend), waiting for the inevitable letter and then responding can be stressful and time-consuming.

Just wait and minimize the chance of all that. Since you have the IP PIN, there's really no upside to filing early.

[Gary from Tampa]

If you're getting a large refund its best to get it in sooner rather than later. If someone files a false tax return as you and gets money back, you may have to wait a while to go through the hoops before you get your money.

[Midpack]

Quote:

Originally Posted by Gary from Tampa If you're getting a large refund its best to get it in sooner rather than later. If someone files a false tax return as you and gets money back, you may have to wait a while to go through the hoops before you get your money.

So an IP PIN doesn't help?

[Gary from Tampa]

It helps. This is a game of cat and mouse. The government improves security. The crooks figure a way to beat it. The government adds improved security, the crooks develop a way to beat that etc...