TurboTax: IRS announces E-file Open Day! Be the first in line for your tax refund

UPDATE: The Treasury recently announced tax changes and updates in response to COVID-19, including an extension of the first installment of tax year 2020 quarterly estimated taxes to July 15, 2020. Some information in this post requires additional IRS guidance and may require updating. We will update as soon as we receive additional guidance. Please see the latest information on tax deadlines and updates related to COVID-19 here.

Mark your calendars! The IRS confirmed today that they will begin processing tax returns on Monday, January 27, 2020. 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 for transmission to the IRS and States once they begin accepting e-file. TurboTax and TurboTax Live, assisted tax preparation with TurboTax Live CPAs and Enrolled Agents with an average of 15 years experience, are open and ready for taxpayers to prepare their returns.

Last year, close to 72% of taxpayers received a direct deposit tax refund of close to $3,000. 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 9 out of 10 federal tax refunds within 21 days from acceptance.

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. The filing deadline to submit 2019 tax returns is Wednesday, July 15, 2020, for most taxpayers.

Check back with the TurboTax Blog this tax season to get the latest news for all things taxes and saving money!

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