Some Taxpayers Will Have to Wait Until Mid-to-Late February to File

Due to the recent enactment of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, the IRS announced that some tax payers will have to wait until mid-to-late February to file their tax returns.  This delay will affect both paper and electronic filers who fall in any of these categories:

• Taxpayers Claiming Itemized Deductions on Schedule A — itemized deductions such as mortgage interest, charitable deductions, medical and dental expenses, state and local taxes;
• Taxpayers Claiming the Higher Education Tuition and Fees Deduction – deduction for parents and students covering up to $4,000 of tuition and fees paid to a post-secondary institution as claimed on Form 8917
• Taxpayers Claiming the Educator Expenses Deduction – deduction for kindergarten through grade 12 educators with out-of-pocket classroom expenses of up to $250.

Those individuals claiming the American Opportunity Tax Credit and the Lifetime Learning Credit will NOT be delayed.

The IRS will release the appropriate forms and filing date in the near future and those affected should check www.IRS.gov for the most up-to-date information.  More information regarding those affected can be found here.