Those filing taxes who itemize deductions may not have to wait much longer to be able to file taxes. This is because the Internal Revenue Service just announced that those who plan to itemize will be able to submit their tax forms on Feb. 14.
IRS Needed Extra Time to Reprogram Processing Systems
After the tax reform was approved in Congress late last year, various processing systems had to be reprogrammed to accommodate changes. These changes affected those who were itemizing taxes this year and were looking for the following types of tax deductions:
- State and local sales taxes
- College tuition
- Teacher expenses
Other deductions were affected as well, resulting in itemizers having to wait for word from the IRS as to when they would be able to file and essentially receive their refunds.
50 Million Taxpayers Have to Wait
As a result of the processing system changes, the IRS estimates that about 50 million taxpayers who itemize deductions will have to wait to file. This is not very good news for taxpayers who are eager to file soon after they receive all of their W-2, 1099 or other forms required for filing that must arrive by Jan. 31.
But for those who didn’t plan to file early because they owe money, the late file date is not likely to make too big a difference.
If you have your forms ready before Feb. 14, the IRS says it’s okay to go ahead and prepare your forms, but because they will not be ready to process forms until the 14th, the agency deters taxpayers from submitting until Valentine’s Day.
Some e-file companies, however, have said they can accept materials now. They still won’t submit forms until Feb. 14, which means you won’t see a refund until at least the end of February. However, if you want to get the forms out of your hands, you can check for companies that offer this option.
