Delayed Returns Can Be Filed Electronically Beginning Valentine's Day

By Marcia Richards Suelzer, Toolkit Staff Writer

Valentine's Day has a special significance this year: it's the date on which the IRS will be able to accept electronic returns that include itemized deductions, the higher education deduction and the educators deduction. If you aren't taking advantage of those provisions, you can file immediately.

Usually, the IRS starts processing tax returns in the middle of January. For most filers, that is the case for 2010 tax returns as well. However, due to the year-end tax legislation, taxpayers who want to itemize deductions or claim the higher education tuition and fees deduction and the educator expenses deduction had to wait: the IRS systems could not be tweaked in time to accept those returns. Based on last year's filing statistics, this delay will affect about nine million "early bird" filers.

• Tip. If you use a commercial software program and you plan on using e-file via the software provider, then you can go ahead and prepare your return and submit it to the provider. Many of the major software providers have announced that they will accept forms affected by the processing delay. The software providers will hold onto the returns, and then electronically submit them after the IRS systems open on February 14. Check with your provider for specific instructions. Also, if you use a paid tax return preparer, check with him or her because they may also be willing to prepare the return and hold it until the IRS updates are complete.

Posted February 6, 2011.