Many taxpayers are eagerly waiting to file their tax returns. As of January 14, 2011, a majority of taxpayers can file their tax return as they receive their tax forms, including W-2s and 1099s. The IRS processed around 141 million tax returns last year; however, only about 9 million taxpayers are affected by the Tax Relief Act and will not be able to file tax returns till around mid-February.
Can I File My Taxes?
Yes, the IRS is ready to process tax returns for a majority of taxpayers as of January 14, 2011. With the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, the IRS still does not have their systems updated with the correct tax code to process tax returns for some taxpayers.
Will I Have to Wait To File My Tax Returns?
After the signing of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, the IRS announced that it may be mid- to late-February before some taxpayers could file their returns. You are affected by the tax law if you itemize and have to complete a Schedule A, claim education tuition and fees, or are an educator who paid for some expenses out of pocket.
