Archive for February 16, 2011

Financial Peace Personal Finance Software

Financial Peace Personal Finance Software

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Tax Return Status “Federal return awaiting IRS processing” IRS Delayed Tax Processing until February 14th 2011

The IRS usually  begins to accept  individual tax returns in early January, however, due to recent tax legislation, the IRS cannot accept returns from certain individuals until mid February for the 2010 Tax Return Season. This means that you have from February 14th to April 18th of 2011 to file your tax return. The reason for the delay is
that  last minute changes  were made to the  Tax Relief Act of 2010.

So even if you e-filed your taxes, you may still not see your return until late February. Although this may sound as bad news, it actually could mean that you get more money back. The Tax Relief Act of 2010 reinstated several deductions that had already expired.  No matter where you do your taxes, this will apply, its not just certain places. Since the changes are recent, it will take some time to update all the IRS systems. If you have submitted your return, and have any of the deductions below, your return will be delayed, and after processing, it can still take 10-15 days to get your return. This is a list of deductions that will be available and  processed until February 14th 2011, this is also why your status may be “Federal return awaiting IRS processing” for longer than expected.

  • Itemized deductions (Schedule A)
  • Tuition deduction
  • Homebuyer credit
  • Homebuyer credit repayment
  • K-12 educator expense
  • Casualty / theft loss
  • Alternative motor vehicle credit