IRS Says Key Tax Forms Will Be Ready For Tax Season, But There’s No Start Date Yet

From Forbes:

With all of the last minute changes to the Tax Code - and those stimulus check reconciliations - it was clear that the Internal Revenue Service (IRS) was going to have to make revisions to tax forms used to file 2020 tax returns (the tax returns that you’ll file in 2021). Most tax professionals expected a delay in getting those forms together, but the the IRS has issued a statement confirming that “updates to key federal tax forms and instructions are complete and will be available when Americans begin filing their tax returns.”

Read entire piece here

1 Like

This is an automatically-generated Wiki post for this new topic. Any member can edit this post and use it as a summary of the topic’s highlights.

I must admit that I’m a bit surprised about the delay. The new stimulus checks are 2021 income events so why would they delay 2020 tax forms? Unless they are temporarily short-handed due to the processing of the new stimulus checks and were late preparing those tax forms for 2020.

Won’t make a difference for me since I always wait until I receive all my 1099 forms from banks before filing. By then (early February), IRS should have updated their 2020 tax forms I’d hope.

Are you sure about this? I have a suspicion they’re all dated 12/31/2020.

The $600 checks maybe.

But the upcoming $1400 checks will have to be dated in 2021.

I thought @Shandril was talking about the 2nd stimulus payment that was finalized in the last week of December.

Clearly any new checks that haven’t passed congress yet would be in 2021 and would not affect 2020 tax forms.

Oh, OK. Fair enough.

I’m pretty certain the $1400 checks are a lock at this point, though. It was scanchain who schooled me, on another thread, that the Democrats can make this happen now with no Republican help whatsoever.

Why do you say $1400? All news about the Biden plan say $2000. Are they subtracting the $600 that was issued in December?

Exactly

And you’re right. Biden is aiming for a total of $2000.

3 Likes

Yep and those who’re in the phaseout income category will be getting more since there’s more room with 1400 b/f you’re down to $0

Mine came 1/1/21 but no bearing on taxes, right?

Also IRS needs more time b/c they’re administering stimulus. I haven’t called about my PY refund/ 10/14 delivered but not IRS confirm. I’m waiting for all stimulus calls to taper next week.

season starts 2/12/ 2021

Direct deposit, paper check or EIPcard? If not DD, what’s the date on the check or the “funding” date in the EIPcard transaction list?

DD to BOA. Why does the date matter?

1 Like

Probably doesn’t. Technically these are tax credits that should not affect income or AGI. But if they’re accompanied by a tax form that needs to be mentioned in the tax return, and tax returns are done based on the calendar year (1/1-12/31), then it would impact tax forms (both 2020 and 2021 forms would have to allow for this credit to post in either year).

Also I thought 1/1 was a bank holiday…

1 Like

You’re right 01/04/2021 IRS TREAS. No tax forms last time and I believe no reporting unless you didn’t get it…

When do you mean by “last time”?

1 Like