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Friday, January 21, 2011

Tax payers who itemize returns can file with the IRS starting February 14th

Seal of the Internal Revenue ServiceImage via Wikipedia
IRS announces that tax payers who
itemize their returns, can start the filing
process on February 14th
Tax payers that itemize their tax returns can start filing their annual paperwork with the agency staring February 14th- Valentine Day, the Internal Revenue Service announced on January 21st.

Fliers that would claim on itemized deductions on Schedule A, specifically the higher education tuition and fees deduction on Form 8917 and the educator expenses deduction, were told last month temporary delay filing. 

This allowed for the IRS to make updates to its systems to accommodate tax law changes due to the new tax law singed by President Obama in November 2010. The agency states it will begin processing those returns on Valentine's Day.

Most other returns, including those claiming the Earned Income Tax Credit (EITC), education tax credits, child tax credit and other popular tax breaks, can be filed as normal, immediately.

People using e-file for these delayed forms can get a head start because many major software providers  announced that they will accept these impacted returns immediately. The software providers will hold onto the returns and then electronically submit them after the IRS systems open on Feb. 14 for the delayed forms.

Taxpayer using commercial software like Intuit Turbotax or H&R Block at Home, are advised to check with their providers for specific instructions. The IRS is recommending filers that use a paid tax preparer to inquire with the provider, since they could delay processing returns until the agency instructions are complete.

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