Sunday, January 2, 2011

Happy New Year: Tax Refunds Will Be Delayed for Millions

If you itemize your taxes, you will have to delay filing your tax return.

The IRS said that it needs until mid- to late-February to reprogram its processing systems because Congress acted so late in passing the final tax code for 2011. The bill, which includes deductions for state and local sales taxes, college tuition and teacher expenses, wasn't signed into law until Dec. 17.

As a result, 50 million taxpayers who itemize their deductions will have to hold off  before they file. Which means any of those 50 million expecting tax refunds will have to wait for their checks.


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