2019 Tax Returns: When Can You Submit Them and What to Prepare

It's that time of the year when taxpayers are gearing up to file their annual 2019 tax returns. While the IRS has already started accepting federal tax returns for the tax year 2019, many taxpayers are still feeling a mix of confusion and urgency. Here's what you need to know about when to file and what to prepare.

When Can You Start Submitting Your 2019 Tax Returns?

The Internal Revenue Service (IRS) officially began accepting 2019 tax returns on January 30, 2020. However, many individuals with incomplete financial records may still be in the process of collecting necessary documentation. Specifically, W2 forms typically are distributed in late January, but some financial institutions can take additional time to transmit the necessary documents to the IRS. While you might be inclined to wait until the end of January to file, several early months can prove to be more practical.

Why Filing Early Might Be More Practical

2/16/2020 is a significant date to keep in mind for filing your 2019 tax returns. Filing your return in early February provides several benefits:

Timely Refunds: By early February, you'll be among the first to receive your refund if you qualify. This can provide you with liquidity and allow you to plan your finances for the upcoming year. Avoid Delays: Submitting your return before major paper snags or computer glitches affect the IRS processing system can help prevent delays in your tax refund. Manage Unexpected Changes: The early submission period allows you to submit your return and potentially receive a refund well before any unforeseen changes in your financial situation could impact it.

What to Prepare Before Filing Your 2019 Tax Return

To ensure a smooth and timely filing process, there are several documents and pieces of information that you should gather before you start your 2019 tax return:

W2 Forms: These are essential for reporting your wages, tips, and other compensation from your employer. 1099 Forms: These are required for income from sources like dividends, capital gains, and interest. Donation Receipts: Save any supporting documentation for charitable contributions, including bank statements and letters from the charities. Freelance Income Documents: Keep track of any 1099-NEC forms received for income from freelance or independent contracting work. Miscellaneous Documents: Gather any documents or receipts that substantiate your claims, such as medical expenses, home office deductions, and mortgage interest.

Steps to Filing Your 2019 Tax Return

The process of filing your 2019 tax return can be streamlined by following these steps:

Organize Your Documentation: Ensure that all necessary forms and documents are organized and ready for submission. Choose Your Filing Method: Decide whether you prefer to file electronically or submit a paper return. The IRS recommends using online filing as it is faster and more accurate. Familiarize Yourself with the IRS E-File System: If you opt to file electronically, make sure you understand how to use the IRS E-File system for free or through a tax professional. Complete and Submit the Return: Fill out the form accurately, double-check all information, and submit your return through the chosen method. Stay Organized: It's important to retain copies of your filed return and all relevant documentation for at least three years, according to the IRS.

Conclusion

Filing your 2019 tax return may seem daunting, but with proper preparation and timely submission, you can make the process smoother and more efficient. By starting early and ensuring you have all the necessary documents, you can take advantage of the benefits that come with an early submission. Always keep in mind the important dates and steps to make your tax filing process as stress-free as possible.