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50 million taxpayers must delay filing - IRS

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  • 50 million taxpayers must delay filing - IRS

    Late changes to the tax code mean taxpayers that itemize their returns won't be able to file until mid- to late-February.


    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. To top of page

  • #2
    All the tote the note places and rent a tires are going to be pissed when their customers can't make it rain for another 2 months.

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    • #3
      I usually don't receive a refund anyway, so this delay doesn't impact me.

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      • #4
        I really don't give a fuck.

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        • #5
          The tote the note is not this type of tax filer

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          • #6
            Originally posted by FreightTrain View Post
            All the tote the note places and rent a tires are going to be pissed when their customers can't make it rain for another 2 months.
            Lmgdao!!

            Comment


            • #7
              I usually pay $400-500. Thanks for the free loan uncle sam. But we got married this year. I am sure we will get money back this year. Before I was claiming single and 3, now we are both married and 1. We will fix after the tax filing this year after we see how our itemization goes.
              class joke
              {
              private:
              char Forrest, Jenny, Momma, LtDan;
              double Peas, Carrots;
              string MommaAlwaysSaid(const bool AddAnyTime = True)
              };

              Comment


              • #8
                Wow. I'm glad I didn't decide to start keeping receipts last year. This year, I'm itemizing.
                ZOMBIE REAGAN FOR PRESIDENT 2016!!! heh

                Comment


                • #9
                  Originally posted by TexasDevilDog View Post
                  I usually pay $400-500. Thanks for the free loan uncle sam. But we got married this year. I am sure we will get money back this year. Before I was claiming single and 3, now we are both married and 1. We will fix after the tax filing this year after we see how our itemization goes.
                  Good luck with that. I use to get about 900 back and my wife got all her taxes back because she went to school and made below poverty. So we went from like getting 2500 back to 300.00 after we got married. You still get screwed when you get married I dont care what they say. We have actually talked about divorcing just for taxes.
                  Whos your Daddy?

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                  • #10
                    Originally posted by kingjason View Post
                    Good luck with that. I use to get about 900 back and my wife got all her taxes back because she went to school and made below poverty. So we went from like getting 2500 back to 300.00 after we got married. You still get screwed when you get married I dont care what they say. We have actually talked about divorcing just for taxes.
                    That is funny and sad. I started reading up in to the tax rules for rental property. Fun-fun-fun.
                    class joke
                    {
                    private:
                    char Forrest, Jenny, Momma, LtDan;
                    double Peas, Carrots;
                    string MommaAlwaysSaid(const bool AddAnyTime = True)
                    };

                    Comment


                    • #11
                      I'm expecting a pretty decent refund this year. However it's not like I'm dying to have the money tomorrow.

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                      • #12
                        Originally posted by kingjason View Post
                        Good luck with that. I use to get about 900 back and my wife got all her taxes back because she went to school and made below poverty. So we went from like getting 2500 back to 300.00 after we got married. You still get screwed when you get married I dont care what they say. We have actually talked about divorcing just for taxes.
                        Getting money back is bad. Having to pay is good. Even if you divorce to get a lower tax rate, adjust your respective W-4's at work so you end up paying a little bit in at the end of the year.
                        ZOMBIE REAGAN FOR PRESIDENT 2016!!! heh

                        Comment


                        • #13
                          I file mine immediately. Both of my parents were accountants, so I have just always been real snappy with the filing.

                          I'm hoping to be in the $100-350 refund range this year. I slacked off on keeping track of my withholdings at the end of the year so I'm not gonna hit $0
                          Originally posted by PGreenCobra
                          I can't get over the fact that you get to go live the rest of your life, knowing that someone made a Halloween costume out of you. LMAO!!
                          Originally posted by Trip McNeely
                          Originally posted by dsrtuckteezy
                          dont downshift!!
                          Go do a whooly in front of a Peterbilt.

                          Comment


                          • #14
                            Originally posted by Yale View Post
                            Getting money back is bad. Having to pay is good. Even if you divorce to get a lower tax rate, adjust your respective W-4's at work so you end up paying a little bit in at the end of the year.
                            Yeah I here ya. Mine changes a lot from year to year so I can never really pin it down. I am usually just happy not to have to pay. My wife just couldnt understand why there was such a big difference. I told her that when she was on here own "sorta" that she made so little they gave it all back. Plus it is not like I make a ton of money so with my house I could beat the minimum deductable with no problems. Add her 10k to my salary then double the damn deductable and bam, good by any chance at going long form. We get penalized for not having kids and living like we should.
                            Whos your Daddy?

                            Comment


                            • #15
                              Originally posted by Yale View Post
                              Getting money back is bad. Having to pay is good. Even if you divorce to get a lower tax rate, adjust your respective W-4's at work so you end up paying a little bit in at the end of the year.
                              Many people are poor money managers and/or just don't have the self discipline to not give the government an interest free loan on their money in order to get that one time "make it rain" check from Uncle Sam.

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