Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Tax Season Starts Feb 12 2021
Old 01-15-2021, 03:04 PM   #1
Thinks s/he gets paid by the post
 
Join Date: Mar 2013
Location: Coronado
Posts: 2,273
Tax Season Starts Feb 12 2021

Tax season will be starting about 2 1/2 weeks later than usual this year.

https://www.irs.gov/newsroom/2021-ta...uring-pandemic

Quote:
The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.

The February 12 start date for individual tax return filers allows the IRS time to do additional programming and testing of IRS systems following the December 27 tax law changes that provided a second round of Economic Impact Payments and other benefits.

...

People can begin filing their tax returns immediately with tax software companies, including IRS Free File partners. These groups are starting to accept tax returns now, and the returns will be transmitted to the IRS starting February 12.
cathy63 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 01-15-2021, 05:52 PM   #2
Thinks s/he gets paid by the post
 
Join Date: Jan 2008
Posts: 1,128
My guess is that tax software will be processing significant updates through February. Normally software becomes stable by mid-March. Might take a little longer this year with the late changes.


Will be interesting to see if they push the April 15 deadline out.
jebmke is offline   Reply With Quote
Old 01-15-2021, 06:39 PM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 28,568
How about they don't start the 2020 tax season until all the 2019 returns have been processed and refunds made... DS is still waiting for his 2019 refund. A friend who filed his return on paper in April still hasn't seen his refund either.

The IRS sucks.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.

Retired Jan 2012 at age 56...target 65/35/0 AA TBD
pb4uski is offline   Reply With Quote
Old 01-15-2021, 06:52 PM   #4
Recycles dryer sheets
littleb's Avatar
 
Join Date: May 2015
Posts: 225
I sent my 2019 tax return to the IRS the end of February 2020. This is the first year I did our taxes and wanted to make sure they received the documents so I mailed it. Also included the 25.00 check we owed.

The check was cashed within a week but our income on my ss statement was not recorded until a few weeks ago.

We also did not receive the 2nd stimulus check yet cause it took the IRS over 10 months to process our return.
littleb is offline   Reply With Quote
Old 01-15-2021, 07:26 PM   #5
Thinks s/he gets paid by the post
Souschef's Avatar
 
Join Date: Dec 2015
Location: Santa Paula
Posts: 3,219
It does not matter that much to many of us. I got notices from FIDO and a couple of other brokerages that the 1099's will not be available to mid February.
__________________
Retired Jan 2009 Have not looked back.
AA 60/35/5 considering SS and pensions a SP annuity
WR 2% with 2SS & 2 Pensions
Souschef is offline   Reply With Quote
Old 01-15-2021, 07:29 PM   #6
Thinks s/he gets paid by the post
 
Join Date: Dec 2014
Location: St. Charles
Posts: 2,552
Quote:
Originally Posted by Souschef View Post
It does not matter that much to many of us. I got notices from FIDO and a couple of other brokerages that the 1099's will not be available to mid February.
I have always looked at Feb 15 as the earliest I would get brokerage statements and, often, they get corrected into March. I will wait until then.
__________________
If your not living on the edge, you're taking up too much space.
Never slow down, never grow old!
CardsFan is online now   Reply With Quote
Old 01-16-2021, 06:59 AM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
donheff's Avatar
 
Join Date: Feb 2006
Location: Washington, DC
Posts: 10,260
Sounds like a good year to wait for tax software updates.
__________________
Every man is, or hopes to be, an Idler. -- Samuel Johnson
donheff is offline   Reply With Quote
Old 01-16-2021, 07:47 AM   #8
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Car-Guy's Avatar
 
Join Date: Aug 2013
Location: Citizen of Texas
Posts: 5,528
Quote:
Originally Posted by pb4uski View Post
The IRS sucks.

Hopefully, you didn't just recently discover this?
__________________
A goal without a plan is really just a wish
Car-Guy is offline   Reply With Quote
Old 01-16-2021, 08:51 AM   #9
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: NC
Posts: 16,485
Quote:
Originally Posted by CardsFan View Post
I have always looked at Feb 15 as the earliest I would get brokerage statements and, often, they get corrected into March. I will wait until then.
+1. Me too. I usually wait until my 1099s are downloadable directly into TurboTax and IIRC that’s always a few weeks later than when they’re first available to print or upload. Could be March this year, but hopefully I’ll owe as planned (vs a refund).
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 50% equity funds / 30% bond funds / 20% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
Midpack is offline   Reply With Quote
Old 01-16-2021, 10:13 AM   #10
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Nov 2009
Posts: 5,825
I usually wait until late March or early April to file because I owe money. But this time, for the Feds at least, I will be getting a refund (~$450) for the first time in at least 15 years. So, I plan to file by the end of February, after I get my 1099s and 1095A. I will owe the state so I'll file with them per usual schedule.
__________________
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.

"I want my money working for me instead of me working for my money!"
scrabbler1 is online now   Reply With Quote
Old 01-16-2021, 10:20 AM   #11
Moderator
Jerry1's Avatar
 
Join Date: Nov 2014
Posts: 4,759
I usually file in April or later. If I have a refund, I just roll it forward and adjust going forward so it really doesn’t matter to me financially. If I owe, I get it done on April 15th.

The only thing that’s made me think about filing sooner is that I understand it’s a deterrent to someone else filing under my SS# - get in before the crooks do. Sad.
__________________
Every day when I open my eyes now it feels like a Saturday - David Gray
Jerry1 is offline   Reply With Quote
Old 01-16-2021, 10:35 AM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Nov 2009
Posts: 5,825
Quote:
Originally Posted by Jerry1 View Post
I usually file in April or later. If I have a refund, I just roll it forward and adjust going forward so it really doesn’t matter to me financially. If I owe, I get it done on April 15th.
I will consider this when I finalize my return in a month or so. But one thing to consider is if there will be another stimulus check coming out soon which will also be based on our 2019 returns. That return, which will prevent me from getting a check, will force me to take it as a tax credit on my 2021 return.

Because my actual ACA subsidy shown on Form 8962 will very likely exceed what I get over the year in reduced premium payments, that excess amount is also likely to exceed my pretty small tax liability, pushing me into refund territory. Throw in the stimulus check taken as a tax credit and there is no real point to just rolling over any anticipated refund from a prior year.
__________________
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.

"I want my money working for me instead of me working for my money!"
scrabbler1 is online now   Reply With Quote
Old 01-16-2021, 10:38 AM   #13
Thinks s/he gets paid by the post
 
Join Date: Mar 2013
Location: Coronado
Posts: 2,273
Quote:
Originally Posted by pb4uski View Post
How about they don't start the 2020 tax season until all the 2019 returns have been processed and refunds made... DS is still waiting for his 2019 refund. A friend who filed his return on paper in April still hasn't seen his refund either.

The IRS sucks.
Yeah. DD is in a similar situation. She forgot a 1095-A that covered the first couple months of the year, so the IRS sent her a letter about that and I helped her respond; but she'd already done an amended return on paper to claim the retirement savings credit, which she also forgot, so there are three different refund numbers floating around out there and who knows when the IRS will untangle her mess. I told her it's a life lesson about the importance of keeping your finances in order and she might not see that $600 until 2022 at this rate.

I think this year will also not be a good one to file a paper return. If expecting a refund, e-file as soon as possible and make an extra effort to include everything the first time.
cathy63 is offline   Reply With Quote
Old 01-16-2021, 10:39 AM   #14
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 28,419
Quote:
Originally Posted by Souschef View Post
It does not matter that much to many of us. I got notices from FIDO and a couple of other brokerages that the 1099's will not be available to mid February.
Brokerage 1099s are usually not available until Feb at the earliest.

Quote:
Originally Posted by CardsFan View Post
I have always looked at Feb 15 as the earliest I would get brokerage statements and, often, they get corrected into March. I will wait until then.
Exactly!

We’re often waiting until late March anyway for foreign tax credit details.
__________________
Retired since summer 1999.
audreyh1 is online now   Reply With Quote
Old 01-16-2021, 10:41 AM   #15
Thinks s/he gets paid by the post
 
Join Date: Jan 2008
Posts: 1,128
Always e-file unless you absolutely cannot (some forms cannot be e-filed). Always try to owe at least a little, if possible.
jebmke is offline   Reply With Quote
Old 01-16-2021, 10:44 AM   #16
Thinks s/he gets paid by the post
 
Join Date: Jan 2008
Posts: 1,128
Quote:
Originally Posted by CardsFan View Post
I have always looked at Feb 15 as the earliest I would get brokerage statements and, often, they get corrected into March. I will wait until then.

According to Vanguard's web site, my Consolidated Brokerage statement will be available on January 25. Our joint brokerage won't be available until Feb 15. Not sure why they are different. Both will have foreign tax paid amounts.
jebmke is offline   Reply With Quote
Old 01-16-2021, 11:14 AM   #17
Thinks s/he gets paid by the post
 
Join Date: Mar 2013
Location: Coronado
Posts: 2,273
Quote:
Originally Posted by jebmke View Post
According to Vanguard's web site, my Consolidated Brokerage statement will be available on January 25. Our joint brokerage won't be available until Feb 15. Not sure why they are different. Both will have foreign tax paid amounts.
It depends what you have in the accounts. I've already got the 1099 from an account that just has individual stocks and cash. There's some foreign tax that's paid throughout the year, but the amount is known as soon as its paid. For that account, the entire 1099 can be generated on Jan 1 as soon as the December interest is paid, and it usually comes out very quickly.

Our other account has mutual funds and a REIT. The fund numbers will be finalized by mid-Feb, but the REIT always has to do a correction in March, or sometimes even later.
cathy63 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Season 2 of "Alone" starts tomorrow night! RAE Other topics 0 04-20-2016 09:22 AM
Season 3 of "The Profit" starts May 12th Telly Other topics 3 05-12-2015 08:57 AM
Tonight (2/25) New Season of "The Profit" Starts Telly Other topics 14 03-02-2014 01:11 PM
Amazing Race All Star Edition starts tomorrow (Sunday) night on CBS bssc Other topics 5 02-20-2007 08:49 AM
Covering a gap until pension starts utrecht FIRE and Money 15 11-30-2006 05:42 PM

» Quick Links

 
All times are GMT -6. The time now is 10:44 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.