Taxpayers claiming certain deductions, including mortgage interest deductions, will need to wait until possibly mid- to late February to claim them in order to allow the IRS to adjust its processing systems to handle recent legal changes.
Processing Content
According to the California Society of Enrolled Agents, the Internal Revenue Service will eventually release a specific date when it can start processing tax returns affected by extensions to the Tax Relief Unemployment Reauthorization and Job Creation Act of 2010 that became law on Dec. 17.
The legal changes will affect taxpayers claiming itemized deductions on Form 1040, Schedule A, as well as those claiming the higher education tuition and fees deduction and the educator expense deduction.
