IRS Announces Filing Date
The IRS has announced that it will begin processing 2020 federal income tax returns on February 12. Below are other key dates announced by the IRS.
- January 15. IRS Free File opened. Taxpayers can file returns through Free File partners. The tax returns will be transmitted to the IRS starting February 12. Please note that if a return is filed electronically prior to February 12, the return cannot be “taken back” to make additional changes.
- February 12. IRS begins 2021 tax season. Individual tax returns begin being accepted and processing begins.
- February 22. Projected date for the IRS.gov Where’s My Refund tool being updated for those claiming Earned Income or Additional Child Tax Credit.
- First week of March. Tax refunds begin reaching those claiming Earned Income or Additional Child Tax Credit for those who file electronically with direct deposit and there are no issues with their tax returns.
- April 15. Deadline for filing 2020 tax returns.
- October 15. Deadline to file for those requesting an extension on their 2020 tax returns.
Please note that whenever possible returns should be submitted to the IRS electronically and not in paper format. The IRS was closed from the end of March through July 15. During that time all paper filed returns filed for the 2019 tax year were stored in bags in mail trucks. As of the end of December 2020, the IRS had still not processed close to 7 million of the 2019 returns. If you submit a 2020 paper return, it is anticipated that it could take the IRS close to a year to process that return. For those who are anticipating a refund, including refunds resulting from stimulus payments that were not received during 2020, it is even more crucial that the return be filed electronically.