According to a Feb. 8 IRS press release, the agency has targeted the week of Feb. 10 to begin accepting certain tax returns that were on hold.
On Feb. 10, the IRS will start processing tax returns that contain Form 4562, Depreciation and Amortization. The following Thursday, Feb. 14, the IRS plans to start processing Form 8863, Education Credits.
Third party tax software and tax prep companies should already be set up to prepare returns claiming these credits, and can electronically submit them early next week.
The IRS had previously announced returns that claimed these credits would not be processed until late Feb.
This step opens the way for most taxpayers to start filing their 2012 tax returns. Filing season formally opened on Jan. 30, after a one-week delay, but a significant number of taxpayers were asked to wait because the IRS was not ready to process the above forms.
Work continues on preparing IRS systems to accept the remaining tax forms affected by the American Taxpayer Relief Act. A full list of the forms that will be accepted the first week of March is available on IRS.gov.
The IRS expects to start accepting and processing all remaining tax forms by the first week of March, and will announce a specific date once one becomes available. The majority of remaining forms represent a small section of tax filers who look to claim certain less common credits.
According to today's press release, next week’s opening covers two groups of taxpayers using:
- Form 8863, Education Credits. Form 8863 is used to claim two higher education credits – the American Opportunity Tax Credit and the Lifetime Learning Credit.
- Form 4562, Depreciation and Amortization. This form is used to claim a deduction for depreciation and amortization of assets and a Section 179 business property exemption. Non-1040 business filers using Form 4562 can also file starting Sunday.