Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Happy Valentine's Day: Itemizers can finally file taxes

By Blake Ellis, staff reporter


NEW YORK (CNNMoney) -- On Monday, the Internal Revenue Service will begin accepting itemized tax returns, after having pushed back the process due to Congress' delay finalizing the tax code this year.

That delay -- during which the IRS reprogrammed its processing systems -- meant that if you itemize deductions on Form 1040 Schedule A, you weren't able to file your taxes earlier than Feb. 14.

Itemized deductions include mortgage interest, charitable donations, medical expenses, along with state and local taxes.

Taxpayers were also forced to hold off if they were claiming deductions for college tuition as well as out-of-pocket expenses for teachers.

But you had the green light to file any time if you were claiming other education credits, the child tax credit, the Earned Income Tax Credit or the rest of the tax breaks available this year.

While about 50 million taxpayers itemize their deductions or claim the deductions affected by the delay, the IRS said that only about 9 million of those taxpayers actually file early enough to be affected.

So happy Valentine's Day to all you itemizers: Your tax season has officially begun. To top of page

 
Overnight Avg Rate Latest Change Last Week
30 yr fixed3.32%3.52%
15 yr fixed2.59%2.67%
5/1 ARM2.90%2.94%
30 yr refi3.34%3.52%
15 yr refi2.61%2.71%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 18,228.30 133.47 0.74%
Nasdaq 5,305.71 48.22 0.92%
S&P 500 2,159.93 13.83 0.64%
Treasuries 1.56 -0.03 -2.08%
Data as of 5:34am ET
Company Price Change % Change
Chesapeake Energy Co... 6.23 -0.39 -5.89%
Bank of America Corp... 15.29 0.20 1.33%
Procter & Gamble Co 88.36 0.51 0.58%
Ford Motor Co 11.98 -0.03 -0.25%
Micron Technology In... 18.00 0.64 3.69%
Data as of Sep 27

Sections

Wells Fargo executive Carrie Tolstedt could still walk away from the bank with $77 million in stocks and options, despite new efforts by the bank to curb her controversial pay. More

Despite attacks from Republicans including Donald Trump, the Federal Reserve is a big money maker for U.S. government. More

SpaceX CEO Elon Musk laid out his plan to put humans on Mars to eventually form a self-sustaining colony. More

Low interest rates have pushed some housing markets around the world into bubble-risk territory, according to a new report out of UBS. More