Itemized returns have to wait until mid-February

[Deleted]

What a load of bull!


www.dafassociates.com/index.php?option=com_content&view=article&id=93&Itemid=108

Taxpayers who itemize on their federal tax returns will have to wait until at least mid-February to file, the IRS said Thursday. The delay is necessary because the IRS needs time to program its systems to accommodate tax breaks included in a compromise tax bill President Obama signed last week.

The delay means millions of taxpayers will have to wait longer to get their refunds next year. Taxpayers who will have to wait until mid- to late February to file include:

• Taxpayers who claim itemized deductions on Schedule A. Itemized deductions include mortgage interest, charitable deductions, medical and dental expenses, state and local taxes.

• Taxpayers who claim a deduction for tuition and fees. This is a so-called "above-the-line" deduction, which means taxpayers don't have to itemize to claim it.

Parents and students who claim other education credits, including the American Opportunity Tax Credit and Lifetime Learning Credit, will not have to wait to file, the IRS said, assuming they don't itemize.

• Taxpayers who claim the educator expense deduction. This deduction, which is also an above-the-line deduction, allows teachers to deduct up to $250 in out-of-pocket costs for classroom materials.

"The majority of taxpayers will be able to fill out their tax returns and file them as they normally do," IRS Commissioner Doug Shulman said. "We will do everything we can to minimize the impact of recent tax law changes on other taxpayers. The IRS will work through the holidays and into the New Year to get our systems reprogrammed and ensure taxpayers have a smooth tax season."

[MN-Investor]

Huh? A "load of bull" implies a lie of some sort.

[Deleted]

I don't believe that it actually takes over 2 months to update the IRS's tax systems...So yeah, I do think they're lying about something.

[MN-Investor]

If I were the IRS, I would want the computer programs updated as quickly as possible. It's a horrendous number of returns which are filed each year, and it's a lot easy for them to do their processing if the returns come in evenly over the 3-1/2 month standard filing period.

[TheOtherMe]

As you can see, a lot of forms will cause the filing of returns to be delayed.

I don't like it either, but it's the way it is.

[mwcpa]

"I don't believe that it actually takes over 2 months to update the IRS's tax systems...So yeah, I do think they're lying about something"

Actually, the blame here should go to the Congress.... they took 11 1/2 months to let us know some very important things about 2010s taxes.... and they did not just change one of two items, they changes dozens of them.... IRS could not act on fixing things until after the law was passed and signed by the President....

[taxref]

Congress' delay not only affected the IRS, but also the tax software industry, printers of professional books and publications, and tax planners.

My 1040 quick reference quide had to have about 48 pages reprinted due to the late changes. Meanwhile, the IRS has to rewrite millions of lines of software.

[TheOtherMe]

IRS is now state returns affected by this delay can be filed beginning February 14.

[❤ mollymouser ❤]

Woo hoo! A Valentine's Day Present from the IRS?

[commentator]

Expect a back log to result in slow processing for several days after February 14th. Don't be surprised if processing grinds to a halt due to previously undetected bugs in the IRS software.

[activeonlooker]

The implications reach far beyond the ability to file the federal return. Oregon does not automatically follow federal law. Oregonians will need to wait to see what the OR legislature does to see if the state will "connect" with federal law. Or, Oregonians can file and risk the need to amend their return down the road.

[larousse]

Lovely, just lovely. This, coupled with the newer 2/15 deadline for some 1099's compresses the time window for preparers.

[achelois]

I used turbotax. I was able to efile although it will not be processed by irs until feb 14 or later

But at least it is in there.

[TheOtherMe]

That is exactly what I am planning to do by this time next week.

[commentator]

Jan 29, 2011 18:16:22 GMT -5 achelois said:

I used turbotax. I was able to efile although it will not be processed by irs until feb 14 or later

But at least it is in there.

It's "in there" on a Turbotax server. The IRS hasn't seen it yet.

[achelois]

Thats ok. Its done. Doesnt really matter who doesnt process it til feb 14. It is in line and ready to go.

My state went through.