As featured in The Wall Street Journal, Money Magazine, and more!
     

Itemizers Must Wait Until February 14 to Submit Tax Returns

This article was written by in Taxes. 21 comments.


Thanks to the bevy of new changes to the tax code for 2010, the IRS is still unprepared to handle tax returns filed early. If you itemize your deductions, you must wait until Valentine’s Day to submit your returns to the IRS.

That doesn’t stop taxpayers from starting early. If you use software to file your taxes, like TurboTax or H&R Block At Home, you can start the process at any time. When you finish and are ready to file, the software provider will hold onto your results and won’t file on your behalf until February 14.

If you do not itemize your deductions, opting for the standard deduction, you can file your taxes through an e-file provider or by paper now. The benefit of filing earlier is receiving your refund in advance; if the government owes you money, it’s beneficial to file as early as possible. Even those who take certain tax credits that do not fall within the “itemized deduction” list can file now, so if you receive the earned income tax credit, education credits, and the child tax credits, there is no need to wait.

Updated March 21, 2011 and originally published January 21, 2011. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.

Email Email Print Print
avatar
Points: ♦127,500
Rank: Platinum
About the author

Luke Landes is the founder of Consumerism Commentary. He has been blogging and writing for the internet since 1995 and has been building online communities since 1991. Find out more about Luke Landes and follow him on Twitter. View all articles by .

{ 21 comments… read them below or add one }

avatar 4hendricks ♦248 (Cent)

I have never filed before Feb 14th in my life. I wish I were that prepared.

Reply to this comment

avatar LifeAndMyFinances

So now we have to wait until February 14, huh? It’s a good thing that one of my 1099′s won’t be arriving until about that same time. I would hate to be sitting on all my forms and being able to do nothing about it! Hopefully next year will not be a repeat performance of this year.

Reply to this comment

avatar Felix Guzman

So, what happens if you file before Feb 14?

Reply to this comment

avatar Shay Taylor

You will need to amend your taxes!

Reply to this comment

avatar Jenna

Thanks for sharing this information. Hopefully, I’ll be ready by Feb. 14!

Reply to this comment

avatar krantcents

This does not affect me at all, I won’t be ready until March anyway.

Reply to this comment

avatar skylog ♦368 (Nickel)

i was wondering if anyone knows if this is a common occurrence? i personally do not remember this happening previously.

Reply to this comment

avatar tigernicole86 ♦55 (Newbie)

I hadn’t even heard about any of the changes. Boy do I feel out of the loop!

Reply to this comment

avatar gotr31 ♦224 (Cent)

I love how the government isn’t prepared and we are the ones who have to wait for them. It sure doesn’t go both ways does it!

Reply to this comment

avatar Adele

You’ve got that right. If we file late we get penalized but it is fine for them to slack off and make me wait for my money. They should have to pay me interest on the money I should already have in my hand if they were prepared!!

Reply to this comment

avatar patsy belling

Yes I agree, The IRS wants us to jump through hoops for them now I feel as if it is their turn,
for everyone who had their taxes prepared and had to wait—Dear IRS, PAY US INTEREST!!!!!!!!!!!

Reply to this comment

avatar Ms. Turner

So whats happens if filled before febuary 14th?

Reply to this comment

avatar MSawyer

According to the website, you can still file before 2-14-11 but the IRS will not process them until that date.

Reply to this comment

avatar Jarrod

That truly sucks, because every year, at least for the last 7-8, I have filed when the last W2 or 1099 hits my hand. I have gotten my refund by Valentines Day every year. Now, I have to wait until March 1st or so to get my money, assuming I file on 2-14. This sucks.

Reply to this comment

avatar Adele

I had not heard anything about this until I did my taxes and filed them online. I then was told they will hold them for me and file them on Feb 14th. I am very unhappy about this. I think there has to be a better way for them to handle this. Instead I now have to wait for my refund check for over a month. I think they should send my refund and if they end up owing me more then send me a second check at a later date!!

Reply to this comment

avatar shellye ♦107 (Cent)

I’m one of those people who keeps meticulous records all year, trying to take advantage of every deduction and write-off I can, and now I have to wait another month to get my refund….there has to be a better way than this…

Reply to this comment

avatar money

I call BS. The government is making interest on the money they owe us and making an excuse to not pay us in time. If the IRS was smart they would want to give us our refund as fast as possible to stimulate this crappy economy.

Reply to this comment

avatar Politician

Don’t worry guys. After Obama and company get through spending money, refunds will never again exist. You will just have to expect that all the money you pay the Gov’t, will be theirs to keep. Land of the FREE and home of the illegal.

Reply to this comment

avatar Me

This is why I have my employer withhold less money from my paycheck for taxes. so i pay the goverment when i file my taxes instead of getting a refund.

Reply to this comment

avatar mysofttail92

My question is, how is the IRS going to be able to handle all the taxes that will be filed on the 14th? Will it take them forever to handle the onslaught of taxes filed on that day? Should I expect my return on about July?

Reply to this comment

avatar Pissed

I do not understand why we had to wait until Feb 14 to file. I just found this out and did not get any credit for all the things that I denoted or paid that I could claim. The IRS has been accepting itemized tax returns all these years and now they want to change things. It is just another way for them to keep their hands on everyones money. I wish we did not have to go through this stupid stuff. They always find away to make the American people upset!!!!

Reply to this comment

Leave a Comment

Connect with Facebook

Note: Use your name or a unique handle, not the name of a website or business. No deep links or business URLs are allowed. Spam, including promotional linking to a company website, will be deleted. By submitting your comment you are agreeing to these terms and conditions.

Notify me of followup comments via e-mail. You can also subscribe without commenting.

Previous post:

Next post: