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2 Bumps

Filing taxes- have itemized deductions- you need to wait!

I am so bummed out- I just finished my taxes and found out if you itemize for your mortgage-the IRS will not process your return until mid-to-late February. Seems it took too long to get the tax cuts squared away so they still have to update their system. Is it too much to ask of the govt to at least have some foresight in matters like this-
What do you think?

 
soyousay

Asked by soyousay at 8:16 AM on Jan. 19, 2011 in Money & Work

Level 26 (27,669 Credits)
This question is closed.
Answers (15)
  • We've got the education expenses so we won't be able to file until later either.
    Which I totally understand why the IRS is scrambling to get things set up after the late tax changed in 2010.

    But what I don't understand is why they don't have some idea of when it will be done. Like an exact date? I'm kinda afraid that they'll tell us mid-February, and then late February, and then early March. I wish they had an idea of when it'd be done.
    Erica_Smerica

    Answer by Erica_Smerica at 4:00 PM on Jan. 19, 2011

  • I never have all of my paperwork until mid Feb anyway.
    But yes, if they are accepting forms, the system should be capable of handling the procession of same.
    jewjewbee

    Answer by jewjewbee at 8:23 AM on Jan. 19, 2011

  • They did have foresight. They knew the tax cuts were going to expire and they put other legislation before it to take advantage of the Dem. supermajority while they could. Extending the tax rates were not a high priority for this administration.

    QuinnMae

    Answer by QuinnMae at 8:27 AM on Jan. 19, 2011

  • http://www.bloomberg.com/news/2010-12-23/irs-delays-filing-season-by-a-month-for-taxpayers-with-itemized-deductions.html


    It isn't just mortgage interest, it is also charitable contributions and education expenses and even teachers out of pocket.

    emptynstr

    Answer by emptynstr at 11:23 AM on Jan. 19, 2011

  • Yep, i knew that but we will probably have to wait till Feb 1 anyway for our investment statements. Sucks
    itsmesteph11

    Answer by itsmesteph11 at 10:58 AM on Jan. 19, 2011

  • Did I not make it clear that YES it sucks that our politicians are/were being childish and petty. Sorry your bonus gets hit so hard. I hate doing taxes. You wouldn't believe some of the loopholes that the irresponsible politicianslet stand every year. So no I'm not shocked that people who can just barely do their jobs once again, didn't get it right. Just keep reminding yourself that at least they did finally pass the tax reduction, because if they didn't you might not being getting any back at all! I think they all suck and I'm glad I'm not dependant on them to eat.  Nothing crawled up my butt.  I'd actually like to try and be Miss Mary Sunshine here and encourage you to think of it as getting two bonuses.   Very glad to hear that it is your "unpredictable" bonus that put you in refund territory.  So many people do the little refund dance to themselves, and I don't feel the slightest bit sorry for any of them.

    LoveMyDog

    Answer by LoveMyDog at 1:19 PM on Jan. 19, 2011

  • I heard about this almost two weeks ago, and at that time I wasn't seeing any ads for Turbo Tax. Now that I'm seeing adds for Turbo Tax I think (hope) that they IRS is also well on its way to having their systems adjusted.
    LoveMyDog

    Answer by LoveMyDog at 6:39 PM on Jan. 19, 2011

  • Its just a specific group they won't process- including those with mortgage deductions that itemize- if you pay AMT or do not have a mortgage- you are OK. Just seems another headache for the middle class.
    soyousay

    Comment by soyousay (original poster) at 8:27 AM on Jan. 19, 2011

  • Extending the tax rates were not a high priority for this administration.

    I think I agree with that- so much for a govt that works for the people-
    soyousay

    Comment by soyousay (original poster) at 8:28 AM on Jan. 19, 2011

  • Your emplyer isn't even required to give you your W2 until Jan 31 or Feb 1st. If you have a mortgage you should have enough good sense to set up your taxes so you have to pay them on April 15th. Why would you be giving the government an interest free loan if you have yourself together enough to have a house and a mortgage? In other words quite your b*tching, at least they are only screwing the middle class and not people who need their child tax credit to eat. And yes the politicians decided to play polictis. Shocking isn't it! Go adjust your withholding allowance and give yourself a weekly/monthly raise.

    LoveMyDog

    Answer by LoveMyDog at 9:07 AM on Jan. 19, 2011