Taxpayers claiming itemized deductions can file their federal tax returns starting Feb. 14, as stated by IRS on Thursday.
Though the tax-filing season began on Jan. 4, the IRS still had announced in the last year that taxpayers who itemize in which just about everyone who has a mortgage is included would need to wait until at least mid-February to file.
The IRS further said that the delay was necessary because more time is needed to program its systems for accommodating tax breaks that are included in the Unemployment Insurance Reauthorization, Tax Relief and Job Creation Act of 2010.
The proposal got signed into law on Dec. 17, and it extended the Bush tax cuts through 2012. It also extended a number of expiring tax breaks, in which higher education tuition and fees deduction, the state and local sales tax deduction and educator expenses deduction were included
Taxpayers claiming itemized deductions on Schedule A. Itemized deductions include charitable deductions, mortgage interest, medical and dental expenses, and state and local taxes have to wait till February 14.
Taxpayers claiming the educator expense deduction will also have to wait till the same time. This deduction enables teachers to subtract up to two hundred and fifty dollars in out-of-pocket costs for classroom materials. It's termed as "above-the-line" deduction, meaning taxpayers do not require to itemize to claim it.
Taxpayers, claiming a deduction for their tuition and fees have to wait. This is also an above-the-line deduction.
Parents and students claiming other education credits, including the Lifetime Learning Credit and American Opportunity Tax Credit do not need to wait to file, assuming they don't itemize.












