Tax returns to be processed later

Posted at: 01/11/2013 6:03 PM
By: Maria Guerrero, KOB Eyewitness News 4

The country may not have gone over the Fiscal Cliff, but people will likely feel its impact in the coming weeks.

The IRS announced it will start processing individual tax returns later than it did last year.

Some people may have to wait months to file.

Thanks to Congress, more than 100 million Americans will have to wait a little longer to file and get their refund.

Congress has approved changes to the tax code.

That means if you have your W2 and have a simple tax return, instead of being able to file as early as January 21, you’ll have to wait until January 30 to file.

"Congress changed the tax laws in the last couple weeks and when they did that it caused the irs to have to reprogram," said Meryl Kahn of Smarter Tax Solutions, LLC.   

Kahn says others will have to wait even longer to file.

"Anyone who has a rental property,” she said. “Anyone who made energy improvements to their houses will have to wait until at least the end of February to file."

Other tax forms will be accepted by the IRS in late February or into March:

• Form 8582 Passive Activity Loss Limitations
• Form 8910 Alternative Motor Vehicle Credit

Kahn says beware if you file earlier than January 30, your return could be rejected by the IRS.

"I can't speak to every piece of software but people who file their, prepare their own returns should be careful to make sure that's it's actually been accepted by the IRS and by the state," she said.

People will still have to have their returns postmarked by April 15.

Kahn also points to a tax piece often overlooked: Deducting Medical Expenses.

"The amount that isn't counted on your federal deductions can be used in New Mexico. And that's a tax-savings a lot of people overlook,' she said.

Congress put energy credits that expired last year back in. So you could get a larger refund or owe less money if this applies to you, said Kahn.

 

 

 

Share

Print

Tweet