Cannot e-file if getting a homeowners

[plugginaway22]

energy credit?  Anyway, that is what turbo-tax is telling me, says we must mail the return in.  We haven't done that in years, but it is a $400 credit so guess we have to. And the refund will probably take longer to receive.

[mwcpa]

IRS cannot accept e-files until 1-30-13.... for the simplest of filings.... filings with forms for credits and deductions that were only passed by Congress on 1-1-13 will take some time.... this is not a turbo tax issue, not an IRS issue, not your local tax professionals issue, this is who we elected to Congress, a lot that could not come to an agreement on anything until the 13th hour (except to kick the can further down the road)...... Congressional inaction lead to this....

www.irs.gov/uac/Newsroom/IRS-Plans-Jan.-30-Tax-Season-Opening-For-1040-Filers

"There are several forms affected by the late legislation that require more extensive programming and testing of IRS systems. The IRS hopes to begin accepting tax returns including these tax forms between late February and into March; a specific date will be announced in the near future.

The key forms that require more extensive programming changes include Form 5695 (Residential Energy Credits), Form 4562 (Depreciation and Amortization) and Form 3800 (General Business Credit). A full listing of the forms that won’t be accepted until later is available on IRS.gov.

As part of this effort, the IRS will be working closely with the tax software industry and tax professional community to minimize delays and ensure as smooth a tax season as possible under the circumstances."

[taxref]

I hope this isn't a duplicate post, as my first reply vanished.

As MWCPA pointed out, all efiles are delayed until at least 1-30-13.  Those with energy credits cannot efile until later.  The delays are the result of the last-minute tax law changes passed by Congress, as the IRS must reprogram all its computers because of the changes.

Rather than paper filing, however, you might want to wait until the IRS announces the efiling date for returns with energy credits.  It might take less time to get a refund by efiling later, rather than paper filing.

[plugginaway22]

Thank you for your quick replies!  We will definitely wait awhile and hope to e-file, funny how I don't trust the old paper way anymore.

[Deleted]

About 2 weeks ago IRS announced it doesn't expect to be able to process returns claiming energy credits until late February or early March.  See List of IRS forms that 1040 filers can begin filing in late February or into March 2013.  The energy credit you're asking about probably is claimed on Form 5695, which is on the linked list.

Even if you were to paper-file now, IRS would suspend, i.e., shelve, your return until late February / early March when their software is ready to process returns claiming energy credits.  IRS experience processing suspended returns isn't favorable.  You're better off waiting to e-file to when IRS announces they're ready to accept these types of returns.  If you're required to file a state income tax return, most states aren't accepting or processing returns until on or after IRS does since the states generally piggyback on federal taxable income.

[mwcpa]

19th hole brings up a good point...
here is the list of forms the IRS cannot accept until later.....(link, the list ot too long).....

www.irs.gov/uac/Newsroom/List-of-IRS-forms-that-1040-filers-can-begin-filing-in-late-February-or-into-March-2013

I have a client about to buy a home, the bank is demanding she files her return now, we explain that IRS cannot accept them until 1-30-13 or later... bank says so have it filed then.... we further explain, she has a few credits, deductions that the IRS may not be able accept until late Feb/early Mar as is posted on their website... they say, the loan will be denied if the forms are not filed..... and of course it's all my fault ..... I really hate Congress these days.... their inaction causes huge issues for many people....(I am going to have to have her paper file, by CMRRR, to show proof she filed, even though IRS will not accept the forms and it will generate a number of back and forth issues.... such stupidity)