Monday, February 14, 2011

Taxpayers who Itemize can file their returns today

Taxpayers who had to wait to claim certain deductions can now complete their 2010 tax returns. Starting today, the IRS will begin processing both paper and e-file returns claiming itemized deductions on Schedule A, the higher education tuition and fees deduction on Form 8917 and the educator expenses deduction claimed on Form 1040, Line 23, and Form 1040A, Line 16.

The IRS needed the extra time to update its systems to accommodate the changes in the tax law from the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 which was made official on December 17, 2010.

No comments:

Post a Comment