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.
Overnight Avg Rate | Latest | Change | Last Week |
---|---|---|---|
30 yr fixed | 3.80% | 3.88% | |
15 yr fixed | 3.20% | 3.23% | |
5/1 ARM | 3.84% | 3.88% | |
30 yr refi | 3.82% | 3.93% | |
15 yr refi | 3.20% | 3.23% |
Today's featured rates:
Index | Last | Change | % Change |
---|---|---|---|
Dow | 32,627.97 | -234.33 | -0.71% |
Nasdaq | 13,215.24 | 99.07 | 0.76% |
S&P 500 | 3,913.10 | -2.36 | -0.06% |
Treasuries | 1.73 | 0.00 | 0.12% |
Company | Price | Change | % Change |
---|---|---|---|
Ford Motor Co | 8.29 | 0.05 | 0.61% |
Advanced Micro Devic... | 54.59 | 0.70 | 1.30% |
Cisco Systems Inc | 47.49 | -2.44 | -4.89% |
General Electric Co | 13.00 | -0.16 | -1.22% |
Kraft Heinz Co | 27.84 | -2.20 | -7.32% |
Bankrupt toy retailer tells bankruptcy court it is looking at possibly reviving the Toys 'R' Us and Babies 'R' Us brands. More |
Land O'Lakes CEO Beth Ford charts her career path, from her first job to becoming the first openly gay CEO at a Fortune 500 company in an interview with CNN's Boss Files. More |
Honda and General Motors are creating a new generation of fully autonomous vehicles. More |
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More |
Whether you hedge inflation or look for a return that outpaces inflation, here's how to prepare. More |