If you itemize deductions and have been wondering when the Internal Revenue Service will get to your tax return, put a big red circle around Feb. 14 on your calendar.
Yep, the tax man has a Valentine's Day gift for those folks whose returns are on processing hold because of December 2010 changes to tax laws.
Those late-year tax law tweaks meant the IRS had to update its computer systems. Affected returns mostly claim itemized deductions on Schedule A, as well as income adjustments (often referred to as above-the-line deductions) found directly on Form 1040 or 1040A for higher education tuition and fees (which also requires Form 8917) and educator expenses.
The IRS says that based on prior year return data, the processing delay until Feb. 14 will affect about nine million tax returns.
But most folks are OK to go now.
The IRS has been taking paper returns this month and on Jan. 14 began accepting electronically filed returns from the bulk of the taxpaying public.
And even if the IRS still isn't quite ready to process your 1040, go ahead and file if you're ready. Some compert tax preparation programs are taking e-filed forms and holding them until Feb. 14. Check with your software provider for specific instructions.
Related posts:
- Free File is open for 2011 tax business
- E-file, Free File are now available
- Tax filing delays, deadline dates
- IRS making it harder to file paper returns
- Tax season deadlines 2011: Filing delayed for some
- 10 tax forms that will delay filing of your 2010 return
- IRS commissioner chides Congress for its delay
in dealing with expired taxes
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