So I guess the IRS is accepting returns early...

Discussion in 'Community Discussion' started by iBreatheApple, Jan 25, 2013.

  1. macrumors 68020

    iBreatheApple

    Joined:
    Sep 3, 2011
    Location:
    Florida
    #1
    This may be good news to some of you... not that it's 'early' when they were actually supposed to start on the 22nd, but still. Here's to overpaying and getting some back! :p
     

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  2. GoCubsGo, Jan 25, 2013
    Last edited: Jan 25, 2013

    macrumors Nehalem

    GoCubsGo

    Joined:
    Feb 19, 2005
    #2
    So I guess the IRS is accepting returns early...

    Edit. I see what you're saying now but my returns were accepted this early before. I double checked.
     
  3. macrumors 6502

    JoshMKB24

    Joined:
    Jan 5, 2013
    Location:
    Midwest
    #3
    Technically they'll be accepted anytime after the 2nd since the 1st is a holiday......just no company/organization would send out W2s/1099s/etc that early?
     
  4. macrumors 6502

    Prototypical

    Joined:
    Apr 22, 2011
    Location:
    Nebraska
    #4
    Yep, I believe employers are only required to send them by the end of January.
     
  5. macrumors 65816

    Joined:
    Jun 9, 2011
    Location:
    Halfway between the Equator and North Pole
    #5
    Overpaying not really a wise thing to do financially.

    You're giving your money to the government for a year and getting no return when they have it give it back.
     
  6. thread starter macrumors 68020

    iBreatheApple

    Joined:
    Sep 3, 2011
    Location:
    Florida
    #6
    Still works out for the best for me personally. It's a forced savings. Sure, I could throw the extra couple thousand in the bank to accrue (pathetic) interest but I wouldn't. :D
     
  7. macrumors 6502

    JoshMKB24

    Joined:
    Jan 5, 2013
    Location:
    Midwest
    #7
    Well for someone like me in sales, its unavoidable. Since you are paid bonuses or commission they tax you like you are going to make that every week just so you don't end up having to pay any in.

    Also, in theory its bad, because you are giving the govt a free loan and you could be investing the money yourself. I would venture to say 99% of people don't end up doing that. I work in finance and even I don't think I'd do that! :D
     
  8. macrumors 65816

    Joined:
    Aug 26, 2006
    Location:
    Atlanta, GA
    #8
    I don't think a year has gone by where I haven't had to chase after an employer for a W2 or 1099 (I'm a freelancer). Every damn year.

    I know!! I could have made like $4.66 in interest with that money!
     
  9. Moderator

    maflynn

    Staff Member

    Joined:
    May 3, 2009
    Location:
    Boston
    #9
    The only risk is that you used software that is not based on finalized tax tables. I'll do my tax returns soon but I prefer to make sure my tax software is all set.
     
  10. thread starter macrumors 68020

    iBreatheApple

    Joined:
    Sep 3, 2011
    Location:
    Florida
    #10
    What do you mean? I'm no tax expert but my corporation allows us to log on the intranet and look at pay stubs, accrued paid days off, year-to-date income, tax withholding, etc. This is the same info that I'll receive on my W2, nothing will change so I see no harm.
     
  11. macrumors regular

    Joined:
    Feb 17, 2008
    #11
    He is talking about the preparation software you used. Lots of things changed at the end of the year and might have not made it in to the software yet. Some forms don't get updated for a couple months.
     
  12. macrumors 6502

    JoshMKB24

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  13. macrumors 604

    ravenvii

    Joined:
    Mar 17, 2004
    Location:
    Melenkurion Skyweir
    #13
    Lucky. I have plenty of time this weekend, but FreeFile won't be up 'til the 30th. Pfft.
     
  14. macrumors 68040

    Joined:
    Nov 20, 2008
    #14
    I am still waiting on 1099s and I'm pretty sure the state turbo tax doesnt show up until sometime in february, so no sense in doing it til i can do it all at once...just got my w2 yesterday
     
  15. macrumors 6502

    JoshMKB24

    Joined:
    Jan 5, 2013
    Location:
    Midwest
    #15
    I use turbotax and claimed income in 2 states and finished mine. Anytime after Jan. 1st you can do your taxes as long as you have all your docs
     
  16. macrumors 68040

    Joined:
    Nov 20, 2008
    #16
    Dont the state downloads come later though? its been a few years since ive used turbo tax since i was out of the country where i couldnt get it and my returns were too complicated so i just did them old school by hand, but im going to get TT this year since i have a simple return again finally. I remember the state downloads always coming later on in february, and the availability varied by state, that seems to have changed?
     
  17. macrumors 6502

    JoshMKB24

    Joined:
    Jan 5, 2013
    Location:
    Midwest
    #17
    I've used Turbotax since like 07 I think? I've always done them right away. As it stands I had income from 2 states and real estate in 2 states as well and I've always done mine right away. It just comes down to when you get all your forms in the mail or available online.
     
  18. Moderator

    maflynn

    Staff Member

    Joined:
    May 3, 2009
    Location:
    Boston
    #18
    In fact I had an update waiting for me on my turbotax the other day. I'm almost done getting my financial ducks in a row (waiting on some various 1099s from banks and what not) but it just shows that software seems to be in flux.
     
  19. macrumors G5

    yg17

    Joined:
    Aug 1, 2004
    Location:
    St. Louis, MO
    #19
    I filed mine with H&R Block's software last night. My taxes are pretty straightforward so the latest update was enough for me.

    They don't have Missouri ready, but MO has a fillable 1040 PDF on their website that's dead simple to use so I did that one by hand. H&R charges to e-file state, so I'd be printing and mailing it in anyways. 45 cents for a stamp versus $20 bucks for e-file. Easy choice. H&R Block can take their $20 e-file charge and shove it.

    I kinda regret paying for the H&R Block software all these years though, I checked out TaxAct and I meet all the requirements for free prep and federal e-file.
     
  20. thread starter macrumors 68020

    iBreatheApple

    Joined:
    Sep 3, 2011
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    Florida

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