Tax Season Prep Checklist for February Filers

February Filers: How to Prepare for Tax Season

Filing taxes is a process that combines strict deadlines, extensive documentation, and decisions that directly affect cash flow and financial planning for the year.

Those who plan to file their taxes as early as February need to be even more careful in their preparation.

Filing early can bring benefits, but it also increases the risk of errors, omissions, and later corrections. A structured tax season preparation checklist is essential for early filers.

Why filing in February requires extra attention

February marks the effective start of tax season for most taxpayers, when W-2 forms and many 1099s have already been issued.

However, not all documents are available yet, as banks, brokerages, and investment administrators have legal deadlines that extend through the end of February or into early March.

Filing early without confirming that all required documentation has been received is one of the main causes of amended returns, which delay refunds and increase the likelihood of correspondence with the IRS.

1. Confirm that all income forms have been received

Before starting any filing, the first step is to ensure that all sources of income from the prior year are properly documented. This includes:

• W-2s from all employers
• 1099-NEC or 1099-MISC for freelancers and contractors
• 1099-INT and 1099-DIV from banks and investments
• 1099-R for retirement distributions
• 1099-B from brokerages, especially for those who traded assets

2. Watch for documents that commonly arrive late

Some forms are known for delays or revisions. February filers should pay close attention to:

• K-1s from partnerships, trusts, and S corporations
• Consolidated brokerage statements
• Cost basis adjustments on investments

3. Organize deductions and credits before filing

Another common mistake among early filers is focusing only on income and overlooking deductions and credits. In February, it is worth carefully reviewing:

• Itemized deductions versus the standard deduction
• Mortgage interest and state and local taxes (SALT)
• Qualified charitable contributions
• Medical expenses above the allowable threshold
• Education credits, such as the American Opportunity Credit

4. Review contributions with extended deadlines

A frequently overlooked point is that some contributions can still be made up until the tax filing deadline, even after the end of the calendar year. This includes:

• Traditional IRA
• Roth IRA (subject to income limits)
• HSA, if eligible

Filing in February without evaluating these contributions may mean giving up meaningful deductions or tax benefits.

5. Double-check personal information and dependents

Simple errors account for a large share of electronic filing rejections (e-file rejections). Before submitting the return, confirm:

• Full names exactly as they appear on Social Security records
• Correct Social Security numbers
• Dependents’ dates of birth
• The appropriate filing status (single, married filing jointly, etc.)

6. Evaluate cash flow impact and annual planning

For those expecting a refund, filing in February can accelerate cash inflow. For those who owe taxes, it is important to remember that payment is not due until April, regardless of when the return is filed.

In some cases, holding the return for a few extra weeks allows for better payment planning, adjustments to withholding, or even strategic contributions before the deadline.

7. Review withholdings and estimates for the current year

Tax season is not only about the year that ended but also about the year that is beginning. Before finalizing the filing, it is worth reviewing:

• Tax withholdings on the W-4
• The need for estimated tax payments for self-employed individuals
• The impact of expected income changes

Filing in February offers an early opportunity to adjust the tax strategy for the current year.

8. Decide between software, a CPA, or an EA

Early filers need to be especially thoughtful when choosing support. Tax software works well for simple situations but may not capture nuances related to variable income, investments, or multiple 1099 sources.

For taxpayers with more complex situations, February is a good time to engage a CPA or Enrolled Agent, before the heavy demand of March and April limits availability.

9. Avoid unnecessary haste

Perhaps the most important item on the checklist: do not confuse speed with efficiency. Filing in February only makes sense when documentation is complete and reviewed.

A fast filing that leads to errors, amendments, or refund delays eliminates any advantage of filing early.

Written by

Gabriel Gonçalves