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E-File is Now Open: Why You Should File Your Taxes Early


Today, January 29, the Internal Revenue Service (IRS) officially kicked off the opening of the 2024 tax filing season and is now accepting and processing tax year 2023 e-filed tax returns. As we all know, some taxpayers wait until the last minute to file their taxes, but if you stop to think about it, why wait?

It is no secret that your tax refund can make a big difference in your financial life, and if you receive a tax refund – which the IRS latest stats reports about 65% of tax filers did receive one last year and the average refund was over $3,000 – you may want to submit your tax return as quickly as possible. TurboTax is open now, so you can e-file your taxes and get one step closer to your tax refund.

Still need convincing to file now? Before you resign yourself to procrastinating until the April 15, 2024, tax deadline, here are five great reasons why you should get a head start on your taxes and electronically file your 2023 tax return ASAP.

1. Get your tax refund sooner

Events that occurred last year and into this year can really take a toll on finances, which is one of the reasons you may want to file your taxes as soon as possible and receive your tax refund sooner. The IRS states that most tax filers will receive their tax refunds within 21 days or less of acceptance when they file electronically with direct deposit if there are no issues with their tax return. Plus, there are so many tax deductions and credits related to moves you make throughout the year that you may see a bigger refund than you were expecting.

You could get your tax refund up to 5 days earlier* when you have it deposited onto a Credit Karma Money™ checking or savings account**. Free to open and with no minimum balance fees, enjoy perks like automatic cashback***, Early Payday, and more. Select Credit Karma Money as your deposit option when you’re ready to finish and file inside TurboTax. 

    If you have a Form 1040 + limited credits only, you may have two great options for filing your taxes for free with TurboTax. You can do your taxes yourself with TurboTax Free Edition or get help along the way and have your return reviewed by a tax expert before you file with our TurboTax Live Assisted Basic Offer through March 31, 2024.

    TurboTax Free Edition and TurboTax Live Assisted Basic are designed for tax filers filing Form 1040 and limited credits only. Both cover W-2 income, limited interest and dividend income, standard deduction, Earned Income Tax Credit, Child Tax Credit, and Student Loan interest. Roughly 37% of taxpayers qualify. 

    Our limited-time offer of free TurboTax Live Assisted Basic lasts through March 31, 2024. Check to see if you qualify here.

    What qualifies as a Form 1040 return with limited credits?

    A Form 1040 return with limited credits is one that’s filed using IRS Form 1040 only (with the exception of the specific covered situations described below). Roughly 37% of taxpayers are eligible.

    If you have a Form 1040 return and are claiming limited credits only, you can file for free yourself with TurboTax Free Edition or TurboTax Live Assisted Basic (if available), or you can file with TurboTax Full Service Basic at the listed price.

    Situations covered (assuming no added tax complexity):

    • W-2 income
    • Interest or dividends (1099-INT/1099-DIV) that don’t require filing a Schedule B
    • IRS standard deduction
    • Earned Income Tax Credit (EITC)
    • Child Tax Credit (CTC)
    • Student loan interest deduction

    Situations not covered:

    • Itemized deductions claimed on Schedule A
    • Unemployment income reported on a 1099-G
    • Business or 1099-NEC income
    • Stock sales (including crypto investments)
    • Rental property income
    • Credits, deductions and income reported on other forms or schedules

    If you don’t have a Form 1040 return with limited credits, we have other paid options to file using TurboTax.

    How does TurboTax make any money?
    We want our customers to love our products and services. Because we have customers who pay for our premium products and services, we can offer free tax filing. We offer additional paid benefits that go beyond filing your Form 1040 return with limited credits for free, but they’re optional.

    3. Filing online is easy

    Using TurboTax online is effortless and accurate. Once you have gathered your tax forms, you can go online and answer simple questions related to you and get your maximum tax refund. TurboTax searches for more than 350 tax deductions and tax credits and makes sure you get every dollar you deserve based on your answers. There’s no reason to take your taxes somewhere when you can be easily guided through your taxes or get your taxes done from start to finish, either virtually or in person by a TurboTax Live Full Service tax expert. You will experience the streamlined, confidence boosting benefits of Intuit’s new generative AI-powered financial assistant, Intuit Assist. With Intuit Assist, you will get a personal financial assistant, real-time accuracy checks, deep explanations of your outcome, and a fully translated product.

    4. TurboTax Expert can do your taxes for you

    If you prefer to have someone do your taxes, you can meet with a TurboTax Live Full Service tax expert who can do your taxes from start to finish in a day. And now, if you prefer an in-person tax preparation experience you have the option to meet and build a relationship with a local Intuit TurboTax Verified Pro. If you used TurboTax Full Service last tax season, you can also choose to work with the same tax expert this season.

    5. Time to plan if you owe

    If you owe money to the IRS, you may still have a good reason to file your tax return as soon as you can. If you submit your tax return early, you do not have to pay taxes you owe until the filing deadline in mid-April. Preparing your taxes early will give you time to figure out how you’re going to pay, or other options if you owe. You can even make a 2023 contribution to your IRA before the tax deadline of April 15, 2024 and reap the benefits of an additional tax deduction on your 2023 taxes, reducing what you owe or increasing your tax refund.

    *Get your tax refund up to 5 days early: When it’s time to file, have your tax refund direct deposited with Credit Karma Money™, and you could receive your funds up to 5 days early. If you choose to pay your tax preparation fee with TurboTax using your federal tax refund or if you choose to take the Refund Advance loan, you will not be eligible to receive your refund up to 5 days early. 5-day early program may change or discontinue at any time. Up to 5 days early access to your federal tax refund is compared to standard tax refund electronic deposit and is dependent on and subject to IRS submitting refund information to the bank before release date. IRS may not submit refund information early.  

    **For Credit Karma Money (checking account): Banking services provided by MVB Bank, Inc., Member FDIC. Maximum balance and transfer limits apply.

    *** Restrictions may apply. Purchases made with your Credit Karma Visa® debit card only. Check your Spend account for cash back feature. Cash back amounts vary based on participating merchants and are subject to change. Cash back rewards may take up to 45 days to be deposited into your account. Cash back rewards program powered by Dosh.

    TurboTaxBlogTeam
    TurboTaxBlogTeam

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