NEW YORK (CNNMoney) -- Leave it to the Internal Revenue Service to further complicate the national mood on the only day of the year devoted exclusively to romance.
That's right. The IRS announced Thursday that Feb. 14 -- Valentine's Day -- will be the first day the agency will accept all itemized tax returns.
Late last year, the IRS said it would need extra time to reprogram its processing systems because Congress acted so late this year in cleaning up the tax code.
The bill, which includes deductions for state and local sales taxes, college tuition and teacher expenses, wasn't signed into law until Dec. 17.
The bill ensured that the federal income tax rates would not change, and itemized deductions will continue to be allowed in full for high-income taxpayers.
As a result, the 50 million taxpayers who itemize their deductions will have to hold off until Feb. 14 to file. Of course, not everyone files early: only about 9 million of the 140 million U.S. tax payers filed in January or February of last year.
The delay affects filers who itemize deductions on Form 1040 Schedule A. That includes those claiming the new Educator Expense Deduction, which credits grade school teachers for out-of-pocket expenses of up to $250.
It also includes those claiming deductions for college students, covering up to $4,000 of tuition, which is claimed on Form 8917, though the IRS said there is no delay for those that claim other education tax credits.
Though itemizers can work on their tax returns before the IRS is ready to accept them, the government said people should not send them in before it is ready to process the returns.
However, people using e-file for these delayed forms should be able to start working on their returns, because many major software providers have announced they will accept these impacted returns immediately.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.67%||3.76%|
|15 yr fixed||2.79%||2.83%|
|30 yr refi||3.67%||3.76%|
|15 yr refi||2.82%||2.83%|
Today's featured rates:
A former deputy secretary in Obama's Department of Education will take over the University of Phoenix's parent company, Apollo Education Group, once the sale is finalized. More
Yelp announced another loss Monday afternoon as its sales growth slows. The company also said its CFO is stepping down. More
Zenefits founder and CEO Parker Conrad steps down. COO David Sacks takes over, with a call to fix compliance issues and change the company's culture. More
Nonprofit JumpStart has launched a new $10M fund that will only invest in women and minority-led startups. The catch: You have to move to Ohio. More