Liberty Tax Service anticipates a busy upcoming month for preparers, citing the prep giant’s recent poll that found that nearly nine out of 10 taxpayers had not yet filed their 2016 federal income tax returns.
Almost 68 percent of those who hadn’t filed were waiting on tax paperwork such as W-2s or mortgage, bank and investment statements.
Almost two out of three taxpayers polled (63 percent) who haven’t yet filed said they plan to do so during February. More than 28 percent said they will file in March or later this year – a figure that was more than 41 percent in 2016, Liberty said.
The wait for tax documents was cited by many of the poll respondents as a reason they had not yet filed their tax returns: Nearly 17% said they filed their 2015 taxes in January of last year, but just over 8% said they had filed their 2016 return in January of this year.
Employers had until Jan. 31 to send W-2s to their employees. Under the PATH Act, employers also are now required to file their copies of the W-2s, submitted to the Social Security Administration, by Jan. 31.
More than 70% of respondents said they expect an income tax refund this year, according to Liberty, which opened early this season.
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