Tax professionals are asked questions about when people can file a tax return and how quickly they can get a tax refund if the calendar goes over to January each year. The answers depend on some factors, such as obtaining important tax documents. And early filing doesn't necessarily mean you'll receive your refund earlier if you applied for a certain tax credit.
All in all, there are some dates you can count on. They will normally be notified by the Internal Revenue Service no later than the second week of January for the upcoming registration season.
You will need your income documents
Your employer will have until January 31, 2020, to submit W-2 forms for your 2019 income, and the majority of the 1,099 forms must still be sent to independent contractors by that time. The date may collide by one or two days each year if it falls on a Saturday, Sunday, or holiday, but this will not happen in 2020.
Submission and processing
The IRS will officially begin receiving and processing tax returns for 2019 on Monday, January 27, 2020. The agency will begin receiving electronically filed tax returns on that date and will begin processing paper returns.
It is a day earlier than January 28 last year, as the IRS had to adjust the scramble in 2019 to the provisions of the Tax Cuts and Jobs Act, which came into effect at the beginning of the 2018 tax year. In addition, the Agency was not legally allowed to process 2018 paperless returns that did not include payments until after the government's 2019 closure ended on 25 January 2019.
You can file a federal tax return as soon as you have all the necessary information and documents, but that doesn't mean the IRS will process your return right away.
Most tax professionals and tax software companies, including those with the IRS Free File program, will file your return as soon as you have all of your income documents in order. You can even send an email or mail before January 27th, but the IRS will simply set it aside until the official filing date. At the very least, your return is open to the gates to draw attention.
If you can't get your W-2
Employers are expected to submit W-2 forms by January 31, 2020, but that doesn't mean each of them will reach the bottom line. Contact your employer and request a copy or a copy if you have not received your date. If that doesn't work, you can call the IRS at 800-829-1040 for help.
You can file IRS Form 4852, a replacement for the W-2 if the April filing deadline is approaching and you still don't have your W-2, but it can be a bit of a headache. You must calculate your income accurately and adhere to your final payslip, assuming you still have it. You can contact a tax professional in this situation.
Deadline for submission
April 15 falls on Wednesday, 2020, so the deadline for filing a personal tax return for the 2019 tax year is. Residents of Maine or Massachusetts received two extra days last year because April 15 was Patriot Day in those states, but don't be fooled if you think you have extra time this year if you live there. Patriot Day is celebrated on April 20, 2020, so the tax refund deadline for 2019 for all taxpayers is April 15.
If you are not ready to file and file your tax return by April 15, you can apply to the IRS for a six-month extension by filing Form 4868 instead of filing your tax return. The IRS charges interest and sometimes default interest if you do not pay on time.
When will you receive your refund?
The IRS has historically said it will issue a refund in less than 21 days for most returns, but it can take up to six weeks after being sent on paper. If you request a refund instead of a direct deposit by paper check, the IRS will suggest that you complete it in another 10 days to allow for the mail delivery process.
It may depend on the tax credits you apply for
The 2015 American Tax Protection Act (known as the "PATH Act") began delaying some repayments in 2017.
The IRS will not allow you to make a refund before mid-February, regardless of whether you submitted the refund because you requested a refund during the EITC or the refundable portion of the child tax credit. The PATH Act states that to prevent fraud, the IRS needs time to apply for refunds that would result in tax increases for all taxpayers everywhere.
You can check the status of your refund on the IRS website and get a more accurate date after that time.
You still have a delay, even if your refund is only partially due to the EITC or the child tax credit. In other words, the IRS will not send you a single refund for $ 1,000 and will keep the EITC refund until the end of February if you paid more than $ 1,000 in tax and you are also entitled to a total refund of $ 2,000 for the $ 1,000 EITC refund. Your entire refund will be delayed.
Some 2020 tax plans
Filing and refund dates are not the only deadlines that taxpayers have to worry about. Certain payment and reporting requirements will be sprinkled during the calendar year, and the absence of some of them could cause headaches in 2021 when it is time to resubmit. Here are some other deadlines to keep in mind:
- Self-employed and self-employed workers who are not required to withhold tax from their employer should make quarterly payments on 15 January, 15 April, 15 June, and 15 September 2020. The payment on 15 January is particularly important as it is the last tax in 2019. for the tax year, so this is something you don't want to miss.
- Employees who earn more than $ 20 in tips in December 2019 should report them to employers on Form 4070 by January 10, 2020, and every month thereafter. A
- The last IRA contribution date for the 2019 tax year is April 15, 2020.