Itemizers Can Now File

pennypinch · #1 02-16-2011, 03:07 AM

Welp, maybe it's a Valentine's Day present, maybe not but the IRS is now receiving tax returns from those with itemized deductions. They began accepting them yesterday Feb. 14th.

The delay was because the IRS was reprogramming their processing systems.

Quote:

Itemized deductions include mortgage interest, charitable donations, medical expenses, along with state and local taxes.
Taxpayers were also forced to hold off if they were claiming deductions for college tuition as well as out-of-pocket expenses for teachers.

Well at least now everyone can get their taxes filed and get the whole ordeal over with. What a crazy system we have here in the U.S.!

moneysense · #2 02-16-2011, 06:20 AM

Thanks for the update. Now I can call our CPA and finally get this ordeal over with. I hate tax time anyway and the extended time period just added to the agony.

But at least now we can file, pay what we owe and be done with it. Thanks again for letting us all know.

pennypinch · #3 02-17-2011, 01:11 AM

I know what you mean, once your ready you just want to get it over with. I don't think that this will be the same in the future. My understanding is that they were updating their system and needed the extra time to be ready for itemizers. So hopefully there won't be any wait next year.

It really stinks that you have to pay. I hope it isn't too much.

For those of you who are expecting a return, what do you plan to do with the money?

Typically most people use it for paying up bills and home improvements.

I will be paying a few bills and then paying off my daughter's Europe trip finally. I will be so happy to have it paid so i don't have to worry about it anymore. Then I will turn my worrying to the fact that she is actually leaving!!! Yikes! I just want it to be over with and have her safely back home!

carol b · #4 02-19-2011, 01:05 AM

I just went to do my taxes now I have to wait till next week to finish them. They are a little confused about the return this year but if they get it right we will have a nice return check otherwise we are screwed and people will hear my husband yelling from Iraq. Jeeze!