IRS vs. Valentine’s Day

A couple of weeks ago I shared that the U.S. Internal Revenue Service was expecting delays for taxpayers who itemize their annual tax returns, because they needed more time to adapt to the new tax laws passed at the end of 2010. Well, now they’ve announced the date that they will be ready to proceed…

February 14th, 2011. On VALENTINE’S DAY the government will begin processing itemized tax returns.

As I said before, if you have a very straightforward tax return, with no itemizing and no education-related deductions, you probably can file as soon as you have your paperwork together. (But then, how many people actually file promptly, rather than waiting until the last minute?)

But if your tax return includes a Form 1040 Schedule A, if you’re a college student claiming tuition as a deduction on Form 8917, or a teacher claiming a deduction for out-of-pocket classroom expenses under the Educator Expense Deduction, you’re going to have to wait until Valentine’s Day before the IRS will start working on your return.

The good news: if you use TurboTax (as you SHOULD!) then you can go ahead and do your part as soon as you’re ready, and TurboTax will file for you as soon as the government is prepared to accept it. So at least you’ll be able to rest easy knowing that you’ve done everything you can, and wait for the good news that your refund is on its way.

I’m already halfway done with mine, but still waiting on a few key pieces of information… After having to PAY a whole hell of a lot of taxes last year (because of my stock trading in 2009) I’m eagerly looking forward to this year’s refund.

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