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January 03, 2011
Obama's Fault and His Congress Last Year ~ 50 million taxpayers must delay filing - IRS
50 million taxpayers must delay filing - IRS
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.
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.
As a result, the 50 million taxpayers who itemize their deductions will have to hold off for a bit before they file. Of course, not everyone files early: only about 9 million of the 140 million U.S. tax filers filed in January or February of last year.
"The majority of taxpayers will be able to fill out their tax returns and file them as they normally do," said IRS Commissioner Doug Shulman in a statement. "The IRS will work through the holidays and into the New Year to get our systems reprogrammed and ensure taxpayers have a smooth tax season."
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."
Meanwhile, TurboTax said its customers can e-file with the company as early as Jan. 6, and it will hold onto the filings until the IRS is ready to process them.
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Wild Thing's comment........
Caused by the same jerks who were in such a rush to pass Obamacare.
Thanks to the anti-American tyrant in our WH, and the incompetent, money grubbing, vindictive socialist ruling class in the 111th Congress! That Congress has got to have been the worst in the history of our country.
DEMOCRAT RUN, DEMOCRAT OWNED!
Can someone please explain to me how the extension of the Bush Tax Cuts that were set to expire at the end of 2010 effects the filing of your 2010 taxes?
Posted by Wild Thing at January 3, 2011 07:20 AM
Comments
I wonder how this is affecting tax software like Turbo Tax which is on the market now?
Posted by: BobF at January 3, 2011 09:29 AM
You are right WT. There should be no change as the Bush tax cuts ran through to the end of 2010. I don't understand why the need to reprogram. Just another govt. function screwed up. Of course if we taxpayers make an error, then the IRS penalizes us and issues stark warnings about not doing it again.
Posted by: TomR,armed in Texas at January 3, 2011 09:52 AM
Fuck you obama!!!!!!!!!!!!
Posted by: Eddie (Enemy of the State) at January 3, 2011 03:08 PM
This irritates me because the IRS always owes me a refund which gives me a "boost" during the slowest months of my year.(yes I know that I should have less withheld but I don't like owing) I usually file as soom as all of my "docs" come in which with on-line access is usually during January. If you use Turbo Tax etc. as I do,there will probably be revisions necessary. More hassles. For those who owe or have more complicated returns-will the 4/15 deadline be extended ? Don't bet on it....
Posted by: Willy at January 3, 2011 08:35 PM
Thank you everyone so much.
Tom, thanks I was wondering about that.
Willy, thanks for sharing and your input how it would effect you.
Posted by: Wild Thing at January 4, 2011 01:44 AM
