Anybody else out there filing an itemized deduction? If you are, you are in the same boat I am. The waiting boat. As are educators and those claiming higher education tuition and fees deductions.
If you are using a standard deduction and using the Lifetime Learning Credit or other educational credits aside from the higher education, the IRS website states there will be no delays for those people.
The start of the 2011 filing season will begin in January for the majority of taxpayers. However, last week’s changes in the law mean that the IRS will need to reprogram its processing systems for three provisions that were extended in the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 that became law on Dec. 17.
People claiming any of these three items — involving the state and local sales tax deduction, higher education tuition and fees deduction and educator expenses deduction as well as those taxpayers who itemize deductions on Form 1040 Schedule A — will need to wait to file their tax returns until tax processing systems are ready, which the IRS estimates will be in mid- to late February.
And we wait..
In the mean time, REALTORS and soon to be REALTORS - don't forget All accredited colleges and universities are eligible educational institutions. Additionally, vocational schools and other postsecondary institutions are also eligible. Champions School of Real Estate IS Accredited.
For Income Limitations on Education Tax Benefits see full article.
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