With the recent tax law changes, the IRS announced the upcoming tax season will start on time for most people, but taxpayers affected by three recently reinstated deductions need to wait until mid- to late February to file their individual tax returns. In addition, taxpayers who itemize deductions on Form 1040 Schedule A will need to wait until mid- to late February to file as well.
Changes in the law mean that the IRS will need to reprogram its processing systems for three provisions that were extended in the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 that became law on Dec. 17.
The IRS will announce a specific date in the near future when it can start processing tax returns impacted by the recent tax law changes. Taxpayers affected by these tax law changes can start working on their tax returns, but they should not submit their returns until IRS systems are ready to process the new tax law changes.
Taxpayers will need to wait to file if they are within any of the following three categories:
- Taxpayers claiming itemized deductions on Schedule A
- Taxpayers claiming the Higher Education Tuition and Fees Deduction, usingForm 8917
- Taxpayers claiming the Educator Expense Deduction, claimed on Form 1040
For those falling into any of these three categories, the delay affects both paper filers and electronic filers.
For more information and details, read the full article from the IRS by clikcing here.