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 fixed3.69%3.76%
15 yr fixed2.80%2.82%
5/1 ARM3.07%3.10%
30 yr refi3.69%3.76%
15 yr refi2.83%2.83%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 16,204.97 -211.61 -1.29%
Nasdaq 4,363.14 -146.41 -3.25%
S&P 500 1,880.05 -35.40 -1.85%
Treasuries 1.85 -0.02 -0.86%
Data as of 1:45am ET
Company Price Change % Change
Bank of America Corp... 12.95 -0.30 -2.26%
Facebook Inc 104.07 -6.42 -5.81%
Freeport-McMoRan Inc... 5.68 -0.04 -0.70%
Microsoft Corp 50.16 -1.84 -3.54%
General Electric Co 28.54 -0.64 -2.19%
Data as of Feb 5

Sections

Laurie Segall sits down with Foursquare's new CEO Jeff Glueck to discuss the company's latest round of funding at a lower valuation, and their hybrid consumer/enterprise business model. 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

Portland, Oregon, is often described as the last affordable cool city on the West Coast. But as more people move to the city, it's becoming increasingly unaffordable. More