Can't wait to file your tax return to get that refund? This year you might be waiting longer than expected.
The IRS says taxpayers who itemize on their federal tax returns will have to wait until at least mid-February to file. For many early filers that means that refund check will be a little later in coming. The delay is because of a law Congress passed in December that's causing the IRS to reprogram their computers.
Tulsa CPA Steve Milam has already gotten calls from clients about the delay. He says, bottom line, it affects taxpayers who have itemized deductions or high education or tuition fee above-the-line deductions or education expenses like teachers. The delay could potentially affect 50 million taxpayers who either paper or e-file. "So it's going to be a time delay for a lot of those people," says Milam, "and its going to take that much longer before they get their refunds only because they have to wait to file."
TurboTax says its customers can e-file with the company as early as January 6th, and it will hold onto the filings until the IRS is ready to process them. Milam offers similar advice to his clients. "Get your information, go ahead and turn it in if you use a preparer. If you do it yourself, definitely get organized. That way as soon as the IRS is available to accept your return, then get your money."
So you may have to wait a while longer to file your taxes, but Milam says once you're able to, your refund should be in your hands in the normal amount of time.