Mark your calendars! The IRS announced today that they will begin accepting e-filed tax returns on Monday, January 29, 2018. You can get started now and be first in line for your tax refund. TurboTax is already accepting tax returns and will securely hold them until the IRS opens.
Last year, about 75 percent of taxpayers received a tax refund that averaged close to $3,052. We know that your tax refund can make a big difference in your financial life, whether you need to pay down debt or save for something special. Combined with e-filing, direct deposit is the fastest way to get your tax refund. The IRS anticipates issuing more than nine out of 10 federal tax refunds in less than 21 days from acceptance.
The PATH Act of 2015 requires the IRS to hold refunds claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) until February 15. This applies to all tax preparation methods. According to the IRS, taxpayers who claim the EITC or ACTC will likely see tax refunds beginning February 27, 2018. The vast majority of taxpayers are not impacted by this change.
The IRS encourages all taxpayers to file as soon as possible and reminds you to keep copies of your prior-year tax returns for at least three years. This year, you will need your adjusted gross income (AGI) from your 2016 tax return instead of your Electronic Filing Pin in order to file electronically.
Check back with the TurboTax Blog this tax season to get the latest news for all things taxes and saving money!