tax question in illinois?

Question

when can i file my federal income taxes? i have been at the same job all year and our last paycheck is this friday the 28th. i know places here in town will rapid file with your last paycheck stub.is there a date in which this starts?

i know doing a rapid return is expensive and such. i dont want the lectures there. christmas has drained me and i need this money as soon as possible. thanks:)

Answer 1

No tax preparer can legally prepare and e-file a return without seeing your W-2. They CAN prepare it based upon the pay stub but may NOT e-file it without the W-2.

Paystubs do not have all of the information needed to properly prepare a tax return. Most do not have the empolyer's FEIN and nearly all of them do not have the amounts and codes from boxes 7 through 14. And there is always the chance that the W-2 could differ from the final paystub; I've seen that more times than I could count.

In the past, many of the storefront tax prep mills would prepare an estimate of your refund based upon your final paystub and then get you a loan through a partner back such as HSBC. However HSBC and the other banks have pulled out of that program due to massive losses from fraud or people failing to return with their W-2 and have the return properly prepared.

The only national tax prep mill that is currently offering any type of advance money is H&R Block with their "Emerald Advance" loan. It's a line of credit, not based upon your estimated refund. It is ONLY open to Block customers who had Block prepare their returns in at least one of the past 2 years. You must also provide a paystub or stubs showing gross income of at least $10,000. The maximum loan is $500.

I'll skip my usual rant on the fees and how lousy a deal this really is since you already are aware of that. However Block's $500 loan is the only national program going this year.

Answer 2

You probably can't file until early January, and then only when you have your W-2. The places doing rapid refund other years aren't doing it this year. H&R Block is doing some kind of line of credit loan for people who have been their customers in the last 2 years.