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Feb. 14 is new tax deadline

By Kay Bell · Bankrate.com
Friday, January 21, 2011
Posted: 11 am ET

The Internal Revenue Service has a special Valentine's Day gift for us taxpayers whose 2010 tax returns have been placed on hold. Feb. 14 is the day the agency says it will begin processing our taxes.

Because it took Congress so long to pass tax legislation that affects 2010 taxes, the IRS has been playing catch-up. It's updating its computer system, which it depends on to handle the around 140 million returns it receives each year, to reflect the new tax laws.

Specifically, it's working on information upgrades for taxpayers who itemize deductions using Schedule A, as well as those who claim the educators' out-of-pocket expenses deduction and the deduction for college tuition and fees.

The IRS can't do anything with those returns until its computer system is updated.

The upgrades are expected to be completed and the IRS will be ready to rock with our returns on Feb. 14.

But you don't have to wait until Valentine's Day to file. The IRS says most tax preparation software companies -- and most of us do use the products to prepare our taxes and e-file them -- will accept our returns now and simply hold them until Feb. 14. On that day, the software folks will then hit the "send" button for us.

Good to know, since most of us will probably be thinking about other things as mid-February nears, such as the perfect Valentine's Day gift for our significant others!

Make sure you get all the latest tax news and tips this filing season by subscribing to Bankrate's free Daily Tax Tip newsletter.

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5 Comments
robin brown
March 20, 2011 at 10:26 pm

is there any owed income tax due to me from previous years

JOJO
February 16, 2011 at 9:49 pm

The delay of our refund has caused serious propblems with some of us who were depending on paying important bills, such as mortgages! Will the Gov.t at least add the interest lost on all these delays which can be several weeks - I have read! Gov't. should have been on the ball with this one!!

Brian
February 08, 2011 at 10:48 pm

Judy - As a 20 something about to buy his first home, I'd love for them to take away the artificial support for the housing market. It'll make for a better deal. If you bought a home as an investment, that's your problem. Non-owners shouldn't pay to prop up the market - that's idiocy.

Judy T.
January 22, 2011 at 12:16 am

Do the idiots recommending eliminating property tax and interest on homes realize that 9/10 of home buyers will not buy if they can't get what results in a very decent "rent" payment after tax deductions?

Imagine what that will do to oir already horrible housing market.