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 fixed4.02%4.10%
15 yr fixed3.18%3.25%
5/1 ARM3.19%3.30%
30 yr refi4.02%4.11%
15 yr refi3.20%3.26%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 20,695.52 38.94 0.19%
Nasdaq 5,850.67 32.98 0.57%
S&P 500 2,353.06 7.10 0.30%
Treasuries 2.41 -0.00 -0.17%
Data as of 10:36am ET
Company Price Change % Change
Micron Technology In... 29.02 2.55 9.63%
Advanced Micro Devic... 13.87 0.08 0.58%
Bank of America Corp... 23.16 0.09 0.41%
Mylan NV 40.96 -0.65 -1.56%
Ford Motor Co 11.70 0.04 0.30%
Data as of 10:21am ET

Sections

Trump has agreed to conservative lawmakers' demands to eliminate Obamacare mandate to cover many health benefits, but that could make it tough for those with pre-existing conditions to find good coverage. More

Leah Juliett was just 15 when nude photos of her first leaked online. Now she's rallying for awareness of the abuse she fell victim to in the March Against Revenge Porn in Brooklyn on April 1. More

A PwC report estimates that 38% of U.S. jobs are at a high risk of being replaced by robots and artificial intelligence over the next 15 years. More