The IRS will be your Valentine
Agency won't send flowers or chocolate, but it will be ready to process your return Feb. 14.
If you itemize deductions and have been wondering when the Internal Revenue Service will get to your tax return, put a big red circle around Feb. 14 on your calendar.
Yep, the tax man has a Valentine's Day gift for those folks whose returns are on processing hold because of December 2010 changes to tax laws.
Those late-year tax law tweaks meant the IRS had to update its computer systems. Affected returns mostly claim itemized deductions on Schedule A, as well as income adjustments (often referred to as above-the-line deductions) found directly on Form 1040 or 1040A for higher education tuition and fees (which also requires Form 8917) and educator expenses.
The IRS says that based on prior year return data, the processing delay until Feb. 14 will affect about nine million tax returns.
But most folks are OK to go now.
And even if the IRS still isn't quite ready to process your 1040, go ahead and file if you're ready. Some computer tax preparation programs are taking e-filed forms and holding them until Feb. 14. Check with your software provider for specific instructions.
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