Taxation & Estate Planning

IRS SAYS IT IS READY NOW FOR 2010 RETURNS

By Charles Rubin

On December 30, 2010, the IRS advised certain taxpayers to wait until mid or late February, 2011 to file their income tax returns for 2010. This was because the IRS needed time to reprogram its computers to reflect the 2010 Tax Leave Act's changes. Taxpayers that were affected by the delay are those claiming:

--Itemized deductions on Schedule A;

--above-the-line deductions for higher education tuition and fees; and

--about-the-line deductions for kindergarten through grade 12 educators with out-of-pocket classroom expenses of up to $250.

In a January 20, 2011 news release, the IRS has announced that such returns can be submitted for processing on or after February 14, 2011. Taxpayers using commercial software can check with their providers, since many of those companies will accept returns prior to that date and hold them for submission to the IRS on February 14.

News Release 2011 ? 7

Full post as published by Rubin on Tax on January 23, 2011 (boomark / email).