Delayed tax return question...1098T?

[marshallandcartersmo]

Is that one of the tax forms that if we use we need to wait until the end of Feb. to file??

We don't itemize, just take the standard deduction and have 2 DS's.

thanks

 

[Allison]

1098t's should be issued by the educational institution as of January 31.

 

[daughtersrus]

Is that one of the tax forms that if we use we need to wait until the end of Feb. to file??

We don't itemize, just take the standard deduction and have 2 DS's.

thanks

I believe that the info from the 1098T goes on Form 8917 so it would delay your refund.

http://www.irs.gov/newsroom/article/0,,id=234736,00.html

 

[jedijill]

I had to enter a 1098 due to some classes I took last year but it wasn't enough to push me out of the standard deduction. I was able to file this weekend instead of waiting.

Jill in CO

 

[marshallandcartersmo]

thanks....

but it looks like I can go ahead and put all the info into turbo tax and they'll file it when they can, right?? or would you just wait and put the info in later?

 

[dkr7166]

A few years back, there was a last minute tax law that went through Congress and delayed processing of returns that had certain forms. Mine was affected by that, but I still e-filed early. I had the free file version of Tax Cut just automatically forward my return ASAP. I would think it would be a similar situation this year.

 

[sameyeyam]

My understanding is that you can file, but the IRS will not process your return until their computers are re-programmed (approximately mid-February). Basically it will sit there waiting for a couple of weeks.

Depending on how much you paid to the school, you could be eligible for a tax credit (up to $2,500) or a deduction (up to $4,000). If you aren't eligible for those credits, then I would bet it will be processed right away. If you are eligible for the credit or deduction, then it will be a couple more weeks before the IRS processes it.

 

[ajh88]

PPs are all right. I used my 1098T and went ahead and finished up my return and submitted through TurboTax - the official date from the IRS for processing to start is Feb 14th, so less than 2 weeks. It should be e-filed pretty quickly after that date and I don't believe I have to do anything else.

 

[pintamino]

http://www.irs.gov/newsroom/article/0,,id=234736,00.html

"Beginning Feb. 14, the IRS will start processing both paper and e-filed returns claiming itemized deductions on Schedule A, the higher education tuition and fees deduction on Form 8917 and the educator expenses deduction. Based on filings last year, about nine million tax returns claimed any of these deductions on returns received by the IRS before Feb. 14."

If you're taking any of the education credits, you can file now. You only have to wait if you're taking the deduction.

 

[marshallandcartersmo]

thanks everyone!!

 

[charming23]

I filed mine on Sunday night with the 1098T and the IRS has already processed and accepted my return. It says I should get my refund by 2/15. The rest of my return was simple so that might have helped.

 

[marshallandcartersmo]

I filed mine on Sunday night with the 1098T and the IRS has already processed and accepted my return. It says I should get my refund by 2/15. The rest of my return was simple so that might have helped.

thanks! I'll try mine tonight then!!

 

[Shmily1]

I filed DD19's on Monday night and DS20's last night. We got confirmation from the IRS in a few hours so there's is on the way and both had a 1098T.