IRS Announces 2021 Tax Filing Season Will Begin on Friday, February 12th
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Today, January 15th, the Internal Revenue Service announced that the 2021 tax season will start on Friday, February 12th. This is the date that the IRS will begin accepting and processing 2020 tax returns.
Why such a late start date this year? The IRS needs extra time to program and test its systems for the tax law changes signed into law on December 27th that provided a second round of Economic Impact Payments and other benefits.
You can still begin filing your returns through IRS Free File partners starting today. However, the returns will not be transmitted to the IRS until February 12th. Learn more about Free File at www.irs.gov/filing/free-file-do-your-federal-taxes-for-free.
The tax deadline for 2020 returns is April 15, 2021. Of course, you can always file an extension to file your returns by October 15th. However, you still must pay your anticipated 2020 taxes by April 15th.
Although tax seasons frequently begin in late January, there have been five instances since 2007 when filing seasons did not start for some taxpayers until February due to tax law changes made just before the start of tax time.
How to Obtain an IRS Transcript
If the above does not work and you primarily need information from the return but not necessarily a complete copy of the return, you can request a tax return transcript from the IRS. This can be done online (and almost immediately), by phone or by mail.
Obtaining an IRS Transcript Online
It’s actually quite simple obtaining a copy of tax return transcript or wage and income transcript at www.irs.gov/individuals/get-transcript. But first things first. You need to establish an eServices account with the IRS unless you already have one.
Setting up an eServices account at https://sa.www4.irs.gov/eauth/pub/es_general.jsp will take maybe 5 to 10 minutes. You’ll need the following information: Full name, Social Security Number, email, birthdate, most recent year’s tax filing status and current address. To verify your identity, the IRS will also need information from one of your financial accounts - such as the last eight digits of a credit card or other loan. You’ll also need your cell phone registered under your name to confirm you are you.
After you’ve set up your eServices account, you can log in to obtain your transcripts. Make sure your cell phone is handy, as the IRS uses two-factor authentication each time you log in. They will text a code to your phone.
When you log in, after selecting the reason for needing the transcript (e.g. Higher Education/Student Aid, FEMA/Disaster Related, etc.), you will have access to up to four years of return transcripts, five years of account transcripts and 10 years of wage and income transcripts.
Obtaining an IRS Transcript by Phone or Mail
You can also call 800-908-9946 or complete and mail in Form 4506-T to obtain a transcript. There is no cost for this. The form is at www.irs.gov/forms-pubs/about-form-4506-t.
Request a Copy of Tax Return From the IRS
If the transcript is not sufficient and you otherwise are not able to obtain a copy of your tax return, you can request a copy using Form 4506. Copies of individual tax returns (1040, 1040-SR, etc.) can take up to 75 days to be processed, so get ready to wait.
And yes, it does cost you to obtain a copy of the return. Up until very recently though, it was $50, But the new Form 4506 shows a fee of $43 for each return requested.
Returns are generally available for 7 years from filing before they are destroyed by law.
