IRS 2020 covid cares investment withdrawal

[jelloshots4all]

Does anyone know when the IRS is scheduled to update it's tax filing guidelines related to early withdrawals of 401ks, other retirement assets, under the CARES Act?  Is it Feb 12th and why they aren't accepting 2020 returns until then?

I can't find anything on the IRS site and TurboTax says to come back as they are waiting for updates.  

Any guidance is appreciated.

[buystoys]

I don't know when all the updates will be available, but I suspect they will come out on February 12.  The delay in filing is due to Covid causing so many processing backups from what I heard.  There may be other reasons as well.

[CCL]

Thats what I heard, too. I read that due to covid they still haven't finished processing all of last year's returns, mostly those that were filed late.

[TheOtherMe]

Another reason for the delay is the IRS had to suddenly issue the last round of stimulus checks when they should have been preparing for tax season.

[jelloshots4all]

I spoke to a TurboTax expert yesterday and it is Feb 12th, but not likely implemented/updated in there system until Feb 18th.  Also they are flowing through the 2nd round of stimuls in the update where applicable

[TheOtherMe]

I have one form that prevents me from filing.  It's from my dad's estate and it's for excess expenses.  Those end up on Schedule A, itemized deductions.  I don't itemize so I am thinking of deleting that information.  The IRS is not going to care if a loss is shown or not.  

[jelloshots4all]

Spoke to TurboTax yesterday, and they are still waiting on the IRS to update regulations.  Expected update is now 2/25.  I should be receiving a refund so I would like to file ASAP. 

[minnesotapaintlady]

I filed last Sunday and my refund is already showing as pending in my bank account for Tuesday. I did not expect them to be that fast this year at all.

[TheOtherMe]

I filed on Monday.  My refund is not yet showing as pending.  Reading what MPL wrote, I hope it will be in the bank on Wednesday?

A friend has already received her refund.

If another stimulus is approved, things will bog down

[saveinla]

I too filed last week and got my CA refund today and Fed says it will be in bank account on Tuesday - happy as we are getting a big refund which never happens. I have adjusted my withholding so I get more in every paycheck rather than giving a loan to the Fed and State.

[The Walk of the Penguin Mich]

Taxes are at the accountant, but as we owe big I doubt we will file until we have to.