Here’s the latest on Filing Early before Jan. 29, 2018
Tax season opens in about a week. On Monday, January 29, 2018, the Internal Revenue Service (IRS) will begin accepting individual electronic returns and processing paper tax returns.
Not today.
Not tomorrow.
January 29, 2018.
Some tax preparers are suggesting in ads and on social media that they can somehow help you skip the line and get you a refund before anyone else. Don’t be fooled. Tax season opens on January 29, 2018, and there’s no golden ticket that will allow you to file any faster – even at a premium. Paying your tax preparer a bonus or other fee doesn’t get you in the line any faster.
This isn’t to say that you can’t get a bit of a jump on the season by starting early. You can. You can absolutely bring your tax documents to your tax preparer and have your return prepared before the season opens. You can mail your paper return now and you can get in the e-file line now. All of that can happen before January 29, 2018. In fact, many tax preparers and tax software companies will accept tax returns now – but just because you finish your return doesn’t mean it will be accepted by IRS. Companies that accept returns now hold onto them and submit them to the IRS when processing systems open on January 29, 2018. Returns mailed to IRS won’t be processed before that date and returns which are prepared and in the queue to be e-filed won’t be processed before that date.
If you want your refund quickly, choose e-file rather than paper and request a direct deposit rather than a paper check. Double-check the numbers on your return – and not just your income figures. Make sure that your Social Security number is correct, as well as the Social Security numbers of your spouse and any dependents. A bad Social Security number can cause your return to be flagged.
Also, make sure that the IRS can find you. That means that you need a good address on your return (if you’ve moved, you need to let IRS know) and a current bank account number. Bad information can significantly delay your tax refund.
The IRS anticipates issuing more than nine out of 10 refunds in less than 21 days. Once your return has been received by IRS, you can check the status using the Where’s My Refund? app via the web or on your mobile phone. You can begin checking on the status of your refund within 24 hours after the IRS has received your e-filed tax return or four weeks after mailing your paper return. Where’s My Refund? is updated once every 24 hours, usually overnight.
