Well, We All Knew This Was Coming!
Posted By thestatedtruth.com on January 3, 2011
Sounds like maybe The IRS needs some new computers, those Sperry Univac’s have to be getting kind of old…..Hmm, just kidding sort of!
NEW YORK (CNNMoney) — Itemize your tax deductions? Itching for a refund? You’re going to have to wait.
The IRS said that it needs until mid- to late-February to reprogram its processing systems because Congress acted so late this year cleaning up the tax code. The bill, which includes deductions for state and local sales taxes, college tuition and teacher expenses, wasn’t signed into law until Dec. 17.
The bill ensured that the federal income tax rates would not change, and itemized deductions will continue to be allowed in full for high-income taxpayers.
The delay affects both paper and electronic filers who itemize deductions on Form 1040 Schedule A. That includes those claiming the new Educator Expense Deduction, which credits grade school teachers for out-of-pocket expenses of up to $250.
It also includes those claiming deductions for college students, covering up to $4,000 of tuition, which is claimed on Form 8917, though the IRS said there will be no delays for those that claim other education tax credits.
Though itemizers can work on their tax returns before the IRS is ready to accept them, the government said people should not send them in before it is ready to process the returns.
The IRS hasn’t yet said exactly what day it will be able to begin processing the impacted tax returns, but it expects to announce that date “in the near future.”
The delay affects both paper and electronic filers who itemize deductions on Form 1040 Schedule A. That includes those claiming the new Educator Expense Deduction, which credits grade school teachers for out-of-pocket expenses of up to $250.
It also includes those claiming deductions for college students, covering up to $4,000 of tuition, which is claimed on Form 8917, though the IRS said there will be no delays for those that claim other education tax credits.
Though itemizers can work on their tax returns before the IRS is ready to accept them, the government said people should not send them in before it is ready to process the returns.
The IRS hasn’t yet said exactly what day it will be able to begin processing the impacted tax returns, but it expects to announce that date “in the near future.”
More at: http://money.cnn.com/2010/12/31/pf/taxes/irs_filing_delay/index.htm
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