Îtémized returns processed mid-February·

[Deleted]

Is it really that new laws have to be considered, or is the government just trying to extend the interest-free loans?

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."

[AgeOfEnlightenmentSCP]

It's to tag those filers for audit. It just segregates filers to target those of us who actually pay.

[❤ mollymouser ❤]

It is rather amazing that it takes them an extra 30-60 days to reformat Schedule A, isn't it?

[Deleted]

I'm pretty sure that if it were to the government's benefit, they could get the updates turned around in a business week

[resolution]

Is this going to cause problems with tax preparers being available? I was planning to hire an accountant this year for the first time because my taxes have become much more complicated than in the past. I was hoping to make an appt at the beginning of february after we have received all of our tax documents.

[Savoir Faire-Demogague in NJ]

I was hoping to make an appt at the beginning of february after we have received all of our tax documents.


It is very likely your tax preparer uses software to do and print out your return.

[Deleted]

Jan 17, 2011 14:56:24 GMT -5 resolution said:

Is this going to cause problems with tax preparers being available? I was planning to hire an accountant this year for the first time because my taxes have become much more complicated than in the past. I was hoping to make an appt at the beginning of february after we have received all of our tax documents.

I believe it is just a matter of the IRS will not process the return until later... I don't think this will have an impact on the availability or ability to prepare them earlier.

[❤ mollymouser ❤]

Our CPA has completed our taxes ~ he just can't file them for a month.

[TheOtherMe]

Jan 17, 2011 21:06:03 GMT -5 ❤ mollymouser ❤ said:

Our CPA has completed our taxes ~ he just can't file them for a month.

The forms are available in software programs. They just can't be filed.

[thyme4change]

Where do you people work that changes get incorporated within 15 minutes of an executive decision?

I, for one, appreciate that they will take a proper project management process to make changes and test those changes. If they slapped it together and there were 1.5 million returns that were effected by some error, you would also come on here and call the IRS idiots. It isn't their fault that Congress is changing the rules after the game is over.

[stillontheroad]

It's to tag those filers for audit. It just segregates filers to target those of us who actually pay.

I don't see what itemizing deductions has to do with paying or not paying taxes. Plenty of people who do pay a decent amount of federal income tax don't itemize because the standard deduction is more beneficial...and plenty of itemizers pay little or nothing, some of them in large part because of those itemized deductions like mortgage interest.

[Deleted]

I'm impressed with those whose employers get them their W-2's before the January 31 deadline. My employers (did an online class with UA's Access program) just post them online, but that's not apparently making the process any faster.

The only thing that we've gotten so far is my DH's SS statement. For those of you writing it off, he gets $25,000 a year from SS. He worked until 66 and earned the max for enough years.

[The J]

Jan 17, 2011 14:57:36 GMT -5 Savoir Faire-Demogague in NJ said:

I was hoping to make an appt at the beginning of february after we have received all of our tax documents.


It is very likely your tax preparer uses software to do and print out your return.

What's your point? I'd hope that, if I went to a CPA, they wouldn't be using pen and paper. You're paying for expertise and advice.