Health care reform is dead.
Long live health care reform.
Legislative Rx for 1099 ailment

Filing Valentine from the IRS

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.

Compter taxes big2

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:

Want to tell your friends about this blog post? Check out the buttons -- Tweet This, Reblog, Like, Digg This and more -- at the bottom of this post. Or you can use the Share This icon to spread the word via e-mail and and online avenues. Thanks!


Feed You can follow this conversation by subscribing to the comment feed for this post.

The comments to this entry are closed.