In a rush to claim the home owner tax benefits Congress reinstated? Not so fast. The IRS isn’t ready to accept your tax returns. Congress’s down-to-the-wire fiscal cliff deal on tax changes, which included some goodies for home owners, has put the IRS behind the eight ball. It’s scrambling to create new tax forms and modify old ones to reflect the tax code changes.
Congress resurrected: Mortgage cancellation relief, Energy tax credit, and the The PMI deduction. The IRS was planning to have the 1040 on its website by Jan. 22. But now, it’s going to be Jan. 30. That means you can’t file your return until Jan. 30. But if you’re claiming the energy credits with Form 5695, you’ll have to wait longer. The IRS doesn’t even know when that form, along with many others, will be available. End of February? Beginning of March? (Houselogic 1/15/13)
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Danette O'Neal, PhD 