2010 Tax Delays: Taxpayers Can File Taxes February 14, 2011
As of January 14, 2011, most taxpayers can file their 2010 income taxes. However, about 50 million taxpayers will have to wait till February 14, 2011 to file their taxes.
Because Congress passed the Tax Relief Act, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 in late December 2010, the IRS has to update their computers to reflect the tax changes. This law extended some expiring tax cuts at the end of December 2010.
Taxpayers filing the standard deduction on their taxes may file their taxes as of January 14, 2011. Taxpayers that itemize or file different forms with their income tax returns will have to wait till February 14, 2011.
I Received My W2, Do I Have to Wait?
Most tax preparers and tax software are ready to prepare your taxes now. Collect all documentation for your income tax returns including any W2, 1099s, mortgage interest statement, job related expenses and medical payments. Bring all the documentation to your tax preparer or begin using tax software such as H&R Block TaxCut, or TurboTax. You can prepare your return and transmit them to the IRS, but the IRS will not review them till on or after February 14, 2011.
Who Has to Wait to February 14th?
Taxpayers effected by the tax law who must wait to file to at least February 14, 2011 include:
- educators who paid for work related expenses out of pocket. A $250 deduction for these educators is in effect for 2010 tax returns.
- Parents or students that claim tuition and fees from a 1098-T. Because several education tax credits exist, those wanting to take advantage of them but wait to file their taxes.
- Taxpayers who itemize their deductions rather than taking the standard deduction.
Tax Refunds
Since the IRS has limited tax preparers from filing Rapid Refund this year, taxpayers can expect their refund in 2 - 6 weeks. Electronic tax returns are accepted or rejected within 48 hours of being submitted. If accepted, you will get a direct deposit of your tax refund within 2 weeks or a check my mail in 6 weeks.
For More Information
USA Today: For Itemizers, IRS has set a Tax-Filing Date of February 14, 2011
www.usatoday.com/money/perfi/taxes/2011-01-20-irs-tax-filing-delay_N.htm
For more Information About 2010 Tax Returns visit:
2010 Tax Returns: Delayed Refunds in 2011: 2011 Tax Changes
www.suite101.com/content/2010-tax-returns-delayed-refunds-in-2011-2011-tax-changes-a328163
Jennifer Nicole Allen - My name is Jennifer and I entered the freelance writing world in 2008. I enjoyed writing while an undergraduate student. I received my ...
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