When to file tax return?

[Brat]

I am using H&R Block software and all sources of income have reported. No standard deduction issues. Nothing complex. I printed my return and exhibits, caught an entry error, re-printed and reviewed. I am ready to go.

Should I?

 

[Gumby]

I'd say that depends on whether you will get a refund or have to pay. Refund - file now; pay - file in April.

 

[USGrant1962]

They have a scheduled update on Thursday, Jan 31. I would wait for that.

I am.

 

[REWahoo]

Don't know why not.

The IRS generally doesn't start processing returns until near the end of January and the shutdown will almost certainly delay the start this year. However, the sooner you file the less likely someone else will be able to file a fraudulent return using your identity.

 

[gauss]

Note the IRS isn't scheduled to accept E-file returns until:
9 a.m. Eastern on January 28, 2019.

As such, even if you e-file now with HR block, your data will be just sitting in their system awaiting the opening of the IRS MEF system.

ref: https://www.irs.gov/e-file-providers/modernized-e-file-mef-status-page

Filing Season Start Dates:
Electronic filing:

The IRS is now accepting business tax returns.
The IRS will begin accepting all Individual tax returns at 9 a.m. Eastern on January 28, 2019.

 

[jebmke]

Our TaxAide software is very buggy. If you don't have a pressing need to file early, I'd wait. Normally things calm down after February. I file in October.

 

[Aerides]

We file right before the 4/15 deadline, as we have always owed. I would file today if I were ready, and due a refund.

 

[ERD50]

If you have to pay, you can do it by direct deduction from a checking account. They let you schedule the pay date. By doing that, you can file now, pay later.

I thought there were strong recommendations to file as soon as you can, to avoid some scammer filing in your name, and claiming a big refund?

Is that no longer a thing?
-ERD50

 

[Silver]

Used Turbo Tax basic. Due a small refund so e-filed last week.

 

[gerntz]

I don't know how people get all their tax data so early to file. Some funds of mine aren't reporting till Feb. 15.

 

[Souschef]

I don't know how people get all their tax data so early to file. Some funds of mine aren't reporting till Feb. 15.

Same here-I was told by Fido that one of the funds data would not be available until med Feb.

 

[Helena]

I thought there were strong recommendations to file as soon as you can, to avoid some scammer filing in your name, and claiming a big refund?

Is that no longer a thing?
-ERD50

Last year I received a letter from a California IRS office that someone in California had used my SS for employment reasons. They didn't say whether or not fraud was intended, but they put an alert on my file. I also alerted the local police... just in case whoever it is using my SS has outstanding warrants.

.

 

[homestead]

I finished mine with H&R Block this week but will wait since I have to pay and I see another federal update is coming Feb. 5th.

 

[gauss]

I don't know how people get all their tax data so early to file. Some funds of mine aren't reporting till Feb. 15.

You probably have 'brokerage accounts', which had their deadline to report moved back to Feb 15 about 10 or so years ago.

If you stick to earned income, retirment accounts, stocks / bonds / bank accounts / mutual funds that are held outside of a brokerage account. then the 1099's all need to be reported by Jan 31.

This was one of the reasons that I never gave up my Vanguard legacy mutual fund (aka non-brokerage) account despite their nagging me to do so.

-gauss

 

[LOL!]

File in October. I always get an extension. I don't care if a scammer gets my refund by identity theft because it is not my problem -- it is a problem for the IRS.

I am surprised that the IRS doesn't have rolling deadlines based on SSN or something. If the IRS did that, then there would be no particular rush and maybe they could have fewer employees since some of the workload would be spread year-round.

 

[gwraigty]

I don't know how people get all their tax data so early to file. Some funds of mine aren't reporting till Feb. 15.

Same here. Just got word that Fidelity 1099 is ready, but Schwab 1099, as usual, won't be ready until Feb. 16th.

 

[dtbach]

With the shutdown just ending, I'd wait until mid Feb to let things settle down as for sure there will be some adjustments to the code.

 

[JustCurious]

I am surprised that the IRS doesn't have rolling deadlines based on SSN or something. If the IRS did that, then there would be no particular rush and maybe they could have fewer employees since some of the workload would be spread year-round.

That wouldn't be fair. Some people would have to file relatively soon based on the luck of the draw of their SSN while others would get more time?

 

[RunningBum]

You probably have 'brokerage accounts', which had their deadline to report moved back to Feb 15 about 10 or so years ago.

If you stick to earned income, retirment accounts, stocks / bonds / bank accounts / mutual funds that are held outside of a brokerage account. then the 1099's all need to be reported by Jan 31.

This was one of the reasons that I never gave up my Vanguard legacy mutual fund (aka non-brokerage) account despite their nagging me to do so.

-gauss

That's still p*ssing me off, VG telling me there would be no effect but now telling me I get my tax info a couple weeks later.

 

[Brat]

Both Fed and State owe me this year but I will wait for the next software update. If my tax software wants to charge me $ to e-file my State return (as they did last year) then I will kill trees.

 

[RunningBum]

I would think if your return were pretty basic, you're ok to file anytime. It's not like they are still trying to get the tax brackets correct by now or anything (though I think they did have an issue with cap gains taxability initially)? If it's more complicated, like rental income, your own business, limited partnership, etc, maybe they don't have those nailed down yet? Just guessing.

 

[JPatrick]

Same here-I was told by Fido that one of the funds data would not be available until med Feb.

Same here. The mid Feb thing has hit me the last two years.

 

[Souschef]

I just had a shock. When I calculated my RMD, I added in the management fee. When I got my 1099R, it was not included!
I shudder at paying a 50% penalty on the difference, but miraculously, TT came up with the answer.
It involves a form 5329, and you ask for forgiveness and promise to add it to next year's RMD WHEW!

 

[scrabbler1]

You probably have 'brokerage accounts', which had their deadline to report moved back to Feb 15 about 10 or so years ago.

If you stick to earned income, retirment accounts, stocks / bonds / bank accounts / mutual funds that are held outside of a brokerage account. then the 1099's all need to be reported by Jan 31.

This was one of the reasons that I never gave up my Vanguard legacy mutual fund (aka non-brokerage) account despite their nagging me to do so.

-gauss

My (snake-bit) friend and I are Fido clients. He has a brokerage account which has several individual stocks, Fido mutual finds, and non-Fido mutual funds, one of which holds international assets. His lengthy 1099 forms (1099-B, 1099-DIV, and 1099-INT) appeared on line yesterday. I have a straight mutual fund account which contains 3 funds, all domestic (and one is the same as my friend's). Yet my 1099 forms (1099-B and 1099-DIV only) won't be coming out until next weekend. Strange.

 

[rk911]

if we owe i file on april 8. if we're due a refund i file asap.