Taxpayers who are entitled to a refund usually want to file their tax return as early as possible in order to claim that refund. Unfortunately, this year that may not be an option for some filers. If you want to claim any of the tax breaks that were extended by the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act, which was signed into law on December 17, 2010, you'll have to wait until mid to late February. This delay affects returns filed both electronically and by paper. The reason for the delay is the IRS needs more time to update its computers so they can process the returns. Items that are subject to delay:
- · Above-the-line deduction for tuition and fees
- · $250 educator deduction for out-of-pocket expenses
- · Itemized deduction for state and local sales tax in lieu of state and local income taxes
The IRS has promised to announce a date when forms with these deductions can be filed. We will notify you of that date when it is announced.
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