IRS To Accept Tax Returns with Education Credits, Depreciation Next Week
By: Stephen Crews
Updated: February 11, 2013
The Internal Revenue Service announced today that taxpayers will be able to start filing two major tax forms next week
covering education credits and depreciation.
Starting Sunday, Feb. 10, the IRS will start processing tax returns that contain Form
4562, Depreciation and Amortization. And on Thursday, Feb. 14, the IRS plans to start processing Form
8863, Education Credits.
This
step clears the way for almost all taxpayers to start filing their tax
returns for 2012. These forms affected the largest groups
of taxpayers who weren't able to file following the Jan. 30 opening of
the 2013 tax season.
The
IRS will be able to accept the education credits and depreciation forms
following the completion of reprogramming and testing
of its systems. Work continues on preparing IRS systems to accept the
remaining tax forms affected by the American Taxpayer Relief Act (ATRA)
enacted by Congress on Jan. 2.
The
IRS also announced today it will start accepting the remaining forms
affected by the January legislation the first week of March.
A specific date will be announced later. Most of those in this group
file more complex tax returns and typically file closer to the deadline
or obtain an extension. A full
list of the forms that will be accepted the first week of March is available on IRS.gov.
Next week's opening covers two groups of taxpayers using:
- Form 8863, Education Credits. Form 8863 is used to claim two higher education credits -- the American Opportunity Tax Credit and the Lifetime Learning Credit.
- Form 4562, Depreciation and Amortization. Most of the people using the depreciation form tend to file later in the tax season or obtain a six-month extension. Non-1040 business filers using Form 4562 can also file starting Sunday.
For taxpayers using e-file,
most software companies are now accepting tax returns with these two
forms and will submit them after the IRS begins accepting them next
week.
More information is available on IRS.gov.
