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

Today, January 27, the Internal Revenue Service (IRS) officially kicked off e-file open for the 2025 tax filing season and is now accepting and processing tax year 2024 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 report about 64% of tax filers did receive one last year and the average refund was close to $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, 2025, tax deadline, here are five great reasons why you should get a head start on your taxes and electronically file your 2024 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 earlier1 in your own bank account for a fee, guaranteed2 or or in a Credit Karma Money™ checking account** for no additional cost. Select the 5 days early or Credit Karma Money deposit option when you’re ready to finish and file inside TurboTax. 

TurboTax will also continue to offer its no fee, no interest loan for those filers who need funds immediately. You can get approved to receive up to $4,000,3 delivered in as little as 60 secs after IRS acceptance of your tax filing,4 into a Credit Karma MoneyTM account. $0 loan fees, 0% APR, no credit score impact.

2. You may be eligible to file your federal and state taxes for $0:

Not only is TurboTax providing multiple ways for you to access refunds faster, but we are also providing the only free do-it-yourself federal and state filing option on the market available to filers of any tax complexity. Through our Free TurboTax Mobile App Offer anyone new to TurboTax, or those who did not file with TurboTax last year, regardless of their tax complexity, can file their own federal and state taxes for free through the TurboTax mobile app through Feb. 18, 2025. No other tax preparation provider on the market has an offer like this.

If you have a simple 1040 only (no schedules except for Earned Income Tax Credit, Child Tax Credit, student loan interest, and ), you may also be able to file your federal and state taxes for free with TurboTax Free Edition. Roughly 37% of tax filers are eligible.

Yep, you read that right! If you have a Form 1040 only (no schedules except for Earned Income Tax Credit, Child Tax Credit, and student loan interest), you may be able to file your federal and state taxes for free. You can see if you qualify here.

Examples of situations covered in a simple 1040 include W-2 income, limited interest, dividend income, and original issue discounts that don’t require filing a schedule B, IRS standard deduction, Earned Income Tax Credit, and Child Tax Credit, Student Loan interest and taxable qualified retirement plan distributions.

3. Filing online is easy:

Using TurboTax online is effortless and accurate. Once you have gathered your tax forms, you will get done-for-you tax filing experiences and unparalleled ease. Whether you want to do your taxes yourself or have a TurboTax Live Full Service tax expert do them for you. 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 where you will get an AI-powered expert experience that makes everything – from connecting with a qualified expert to getting your taxes done in as little as two hours – stress-free, affordable and easy so you go about your day as a tax expert does your taxes. And  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.

A new real-time progress tracker within the TurboTax iOS mobile app makes it easy for customers to go about their day while easily following their expert’s progress.

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 2024 contribution to your IRA before the tax deadline of April 15, 2025  and reap the benefits of an additional tax deduction on your 2024 taxes, reducing what you owe or increasing your tax refund.

Start filing your taxes today to get your biggest possible refund

Disclosures:

Money movement services are provided by Intuit Payments Inc., licensed as a Money Transmitter by the New York State Department of Financial Services. For more information about Intuit Payments’ money transmission licenses, please visit https://www.intuit.com/legal/licenses/payment-licenses/. 

*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. The 5-day early program may change or be discontinued 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. The IRS may not submit refund information early.

^**Credit Karma is not a bank. Banking services for Credit Karma Money accounts are provided by MVB Bank, Inc., Member FDIC. Maximum balance and transfer limits apply per account. 

1 5 Days Early to Your Bank Account: Personal taxes only. Your federal tax refund will be deposited to your selected bank account 5 days before the refund settlement date provided by the IRS (the date your refund would have arrived if sent from the IRS directly). The receipt of your refund 5 Days Early is subject to IRS submitting refund information to us at least 5 days before the refund settlement date. IRS does not always provide refund settlement information 5 days early. You will not be eligible to receive your refund 5 Days Early if (1) you take a Refund Advance loan, (2) IRS delays payment of your refund, or (3) your bank’s policies do not allow for same-day payment processing. 5 Days Early fee will be deducted directly from your refund prior to being deposited to your bank account. If your refund cannot be delivered 5 Days Early, you will not be charged the 5 Days Early fee. 5 Days Early program may change or be discontinued at any time. 

3 Refund Advance is a loan issued by First Century Bank, N.A. or WebBank, neither of which are affiliated with MVB Bank, Inc., Member FDIC. Refund Advance loans issued by First Century Bank, N.A., are facilitated by Intuit TT Offerings Inc. (NMLS # 1889291), a subsidiary of Intuit Inc. Refund Advance loans issued by WebBank are facilitated by Intuit Financing Inc. (NMLS#1136148), a subsidiary of Intuit Inc. Terms apply. Learn more here: https://turbotax.intuit.com/refund-advance.