Wait to File Your Tax Return

IRS Plans Feb. 3 Start Date for Processing Extender Claims

IR-2007-03, Jan. 8, 2007

Washington — The Internal Revenue Service plans a Feb. 3 start date for processing tax returns that claim key tax provisions enacted in December.

The IRS announced today that it will begin processing both e-file and paper tax returns on Feb. 3 that include claims for the major “extender” provisions, including deductions for state and local sales taxes, higher education tuition and fees, and educator expenses. Any other tax returns for individuals that do not claim the extender provision can be filed as normal this month.

The Feb. 3 date allows the IRS enough time to update its systems to accommodate the tax law changes without disrupting other operations tied to the tax filing season.

Dear Family

For details on which deductions and adjustments are affected…you’ll find them here.

I just got an e-mail from Pro-Series (TurboTax folks) that they are sending out the updated disc. That’s pretty fast work. I can just see the midnight oil burning at Intuit to get this out so quickly. No doubt, ALL the tax processing houses are doing the same.

So, be patient for a few weeks. And for more ideas on things to do this month, read this week’s MarketWatch column.