I previously highlighted the itemized tax filing delay, which came as a result of the Obama tax cut deal (aka the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010). The Act extended some deductions from 2009 through 2010 and 2011. It’s time for an update.
After getting their system and paperwork in order (as well as Turbotax, H&R Block, and all the tax software companies who had to update their software), the the IRS announced the new 2011 start date for itemized tax deduction filers. If you’ve already purchased your tax software, you’re fine, you can start working on your return, just wait until February 14, otherwise your return will spontaneously combust when you submit it.
The new tax filing start date is February 14, celebrated by some as Valentines Day (the perfect way to spend that special Hallmark holiday with your loved one).
Those affected by tax filing delay were the following groups:
- Taxpayers who itemize tax deductions. This is because schedule A had to be re-worked.
- Those claiming the Higher Education Tuition and Fees Deduction – which is done on IRS form 8917.
- Those claiming the Educator Expense Deduction, given to K-12 teachers who use money out of pocket to pay for educational materials.
You’re all free to file away starting February 14! Those who don’t fall into the aforementioned categories can start working on their free federal efile through Turbotax or H&R Block.
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