Starting Monday, you can e-file your tax return with TurboTax, even if you are itemizing deductions or claiming the Higher Education Tuition and Fees Deduction or the Educator Expense Deduction and get your refund back in as little as 8 days with direct deposit.

“It’s time to get down to business and claim your tax refund,” said Bob Meighan, CPA and vice president of TurboTax. “More than 75 percent of all taxpayers got a refund last year and, according to the IRS, federal refunds averaged almost $3,000. You want that money back in your pocket where it belongs and TurboTax guarantees you won’t get a bigger tax refund anywhere else.*”

Already Filed With TurboTax?

TurboTax began accepting e-filed returns on Jan. 6 for all taxpayers and held returns for taxpayers impacted by IRS processing delays and unable to e-file. The IRS will open e-file for those returns Monday, Feb 14.  However, during the week of Feb. 14-18, the IRS is limiting the number of tax returns it accepts daily to manage their systems capacity and ensure successful filings of all returns.  The IRS has required that transmitters of e-filed returns, including Intuit, to stagger submission of returns from Feb. 14 to Feb. 18.

This means that some taxpayers may experience delays in their return processing and in the time it takes to receive their federal tax refund.  We know getting a fast refund is important to customers and we are working closely with the IRS to process all tax returns as quickly as their systems will allow.  You will receive a confirmation from TurboTax that your return has been successfully e-filed and will receive acknowledgment that the IRS has accepted your return 24-72 hours after.

Where’s My Refund?

With tax season officially in full swing, the most popular question we get is “Where’s my tax refund?”

TurboTax has a quick and easy answer. “MyTaxRefund” is a free, easy-to-use iPhone and iPad app that helps you get the status of your federal tax refund. If you e-filed your return, sorry no snail mail, you can download the MyTaxRefund app to get the status of your return and see the IRS estimate on when your refund will be received.

* To learn more about TurboTax products and Maximum Refund Guarantee details, go to TurboTax.com.

The IRS announced yesterday that they will begin accepting returns affected by the filing delays starting on February 14 – just in time for Valentine’s Day!

File Now with TurboTax

The good news is you don’t worry this doesn’t mean you need to wait until mid-February to file your taxes.  TurboTax is ready to accept your return today, whether you’re impacted by the delays or not.

If you claim itemized tax deductions on Schedule A, the higher education tuition and fees deduction and the educator expenses deduction, you can prepare and e-file your return now with TurboTax and we will hold it and then automatically submit your federal tax return to the IRS.  TurboTax will submit your state tax return immediately so you can get you your state tax refund as quickly as possible.

The IRS stated in their announcement that the filing delays, which impact both paper and e-filed tax returns, will affect approximately 9 million taxpayers (based on estimates from last year).

What about your state refund?

We know that everyone wants to get their refund ASAP.  Since TurboTax is the market leader, we have been able to work closely with states to get you your state tax refund as quickly as possible, even if your federal return is delayed until Feb. 14.  Not all other software or tax stores are able to do this for their customers.   To find out if your state is accepting returns from TurboTax now check out this post.

Have any other questions?  Leave them in the comments and we will try to help you out.

The IRS recently announced that there will be processing delays for some federal tax returns. This delay will affect taxpayers who itemize deductions and those claiming the Higher Education Tuition and Fees deduction or the Educator Expense Deduction. The IRS processing delays affect all tax preparation methods and include both e-filed and paper returns.

There is good news though!

You don’t need to wait to file. TurboTax is up-to-date with the latest tax law changes and forms and will help you file your return now, so you can be done with your taxes. We’ll hold your return and submit it to the IRS when they begin accepting returns in February. TurboTax will send you an email confirmation when your return has been successfully transmitted and accepted by the IRS.

Update: IRS announced they will begin accepting delayed returns Feb. 14

Will My State Return be Affected by the Processing Delays?

We’ve gotten several questions asking if the IRS delay will affect state tax returns. TurboTax is working closely with the state Departments of Revenue to help our customers affected by IRS delays get their state tax refunds as quickly as possible, even if their federal refund is delayed.

Here is the latest update for TurboTax customers (this info could change, so continue to check back):

If your state is on this list, there are no anticipated processing delays for your state return when filing with TurboTax! You can prepare and e-file your federal and state tax returns now with TurboTax and get your state refund in as little as 8 days with direct deposit (time varies by state), even if the IRS does not process your federal return until February.

Arizona

California

Colorado

Connecticut

Delaware

District of Columbia

Georgia

Hawaii

Idaho

Illinois

Indiana

Kansas

Kentucky

Louisiana

Maine

Maryland

Michigan

Mississippi

Missouri

Montana

Nebraska

New Mexico

New York

North Carolina

North Dakota

Ohio

Oklahoma

Oregon

Pennsylvania

South Carolina

Utah

Virginia

West Virginia

Wisconsin

If your state is on the short list below, your state is also currently anticipating processing delays for some 2010 tax returns. You don’t need to wait to file though. TurboTax will hold both your federal and state return until the IRS and your state begins accepting them so you can do your taxes now and be confident that you will be getting your refund as fast as possible.

Alabama

Arkansas

Iowa

Minnesota

Vermont

If you don’t see your state on this list, check back. We will be updating these lists real time with confirmations from the remaining states and any changes to the current list.

SAN DIEGO – Jan. 7, 2011 – Beginning today, all taxpayers can electronically file their 2010 tax return with TurboTax®, the nation’s No.1-rated, best-selling tax software, including taxpayers affected by recently announced IRS processing delays. Taxpayers can prepare and e-file their return with TurboTax, receive their state refund as soon as possible and have TurboTax automatically e-file their federal tax return when the IRS begins accepting them in February.

“There’s no need to wait to file your taxes this year,” said Bob Meighan, CPA and vice president of TurboTax. “By e-filing now with TurboTax, your return is in the queue when the IRS starts processing refunds. TurboTax will notify you the moment your return has been e-filed with the IRS and we’ll let you know when to expect your federal refund. In addition, we’re working with states to help our customers get their state tax refunds without delay. There’s no reason to wait or worry with TurboTax.”

The IRS is urging all taxpayers to electronically file their 2010 taxes to ensure accurate returns and faster refunds. Once the IRS begins processing returns affected by the delays, taxpayers who e-file and choose direct deposit can expect their refund in as little as eight days.

Taxpayers who itemize deductions and those claiming the Higher Education Tuition and Fees deduction or the Educator Expense Deduction will be impacted by the delays, which affect all tax preparation methods and include both e-filed and paper returns.

TurboTax products are up-to-date with the latest tax forms and tax law changes. TurboTax will hold customers’ tax returns until the IRS begins accepting returns subject to the processing delays. TurboTax will send customers an email confirmation when their return has been successfully transmitted and accepted by the IRS.

TurboTax is the fast, easy way for taxpayers to get their refund. Taxpayers affected by the delay will see clear, easy-to-understand explanations within TurboTax and will get additional, step-by-step guidance so they can be confident they’re getting every tax deduction and credit to which they are entitled.

Taxpayers with any tax questions can take advantage of a free answer from a TurboTax tax expert through Jan. 31 at www.freetaxquestion.com.

About TurboTax

TurboTax is the nation’s No. 1 rated, best-selling, do-it-yourself tax preparation software. Available on desktop, online and mobile, TurboTax helps more than 20 million people a year easily and accurately claim every deduction and credit they’re entitled to, so they get their biggest tax refund possible. For more information, visit the TurboTax press room.

About Intuit

Intuit Inc. is a leading provider of business and financial management solutions for small and mid-sized businesses; financial institutions, including banks and credit unions; consumers and accounting professionals. Its flagship products and services, including QuickBooks®, Quicken® and TurboTax®, simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries® and Lacerte® are Intuit’s leading tax preparation offerings for professional accountants. Intuit Financial Services helps banks and credit unions grow by providing on-demand solutions and services that make it easier for consumers and businesses to manage their money.

Founded in 1983, Intuit had annual revenue of $3.5 billion in its fiscal year 2010. The company has approximately 7,700 employees with major offices in the United States, Canada, the United Kingdom, India and other locations. More information can be found at http://www.intuit.com.

Intuit, the Intuit logo and TurboTax, among others, are registered trademarks and/or registered service marks of Intuit Inc. in the United States and other countries.

Bob Meighan, our go-to tax guy, breaks down what these changes are and how they could affect you in an interview with ABC News NOW.

Still have questions?  Leave them in the comments and we will try to help answer them in Bob’s upcoming blog post.

The law offers a tax break similar to that already available to taxpayers on their federal taxes, but with different limitations.  Most affected taxpayers can exclude forgiven debt of up to $500,000 from their 2009 California taxable income.

Lenders “forgive” or cancel mortgage debt when they cannot recover what they are owed. The amount forgiven is generally the difference between what is owed on the mortgage and the home’s value on the open market.  Debt forgiveness typically occurs when people lose their homes in foreclosure, abandon them, give them back to their lenders or have their debt modified by the lenders.

Here is a good example from the Examiner:

“Say you borrow $500,000 and buy a house with it.  You stop making your payments, and the house that was put up as collateral is seized and sold (foreclosed).  After the auction, the bank clears only $300,000.  The $200,000 shortfall is money you received and spent, so according to our government’s income taxers you “made” $200,000.”

California had offered debt forgiveness tax relief along with the federal government for 2007 and 2008, but now has extended and enhanced it for tax years 2009 through 2012.  Prior to 2007, forgiven debt was usually counted as taxable income to the mortgage borrower.

For more information about the April 12 law, see Mortgage Forgiveness Debt Relief Extended on the California Franchise Tax Board website.

TurboTax will be updated to include this tax law change on April 20th.  Taxpayers that need to file before that can follow the instructions in this FAQ.

• File their federal and state income tax returns, whether e-filed or mailed.
• Make quarterly estimated payments normally due on April 15.
• Contribute to an IRA for the year 2009.

Here is a list, by state, of the counties who now have extended tax filing deadlines:

Rhode Island

Federal – The IRS has extended the federal filing deadline for all residents EXCEPT Bristol County.  Residents of Bristol County must still file by the April 15th deadline.

State – The state of Rhode Island has extended the state filing deadline for ALL residents.

Massachusetts

Federal and State - The federal and state tax filing deadlines have been extended for Bristol, Essex, Middlesex, Norfolk, Plymouth, Suffolk and Worcester counties.

West Virginia

Federal and State – The federal and state tax filing deadlines have been extended for Fayette, Greenbrier, Kanawha, Mercer and Raleigh counties.

New Jersey

Federal and State – The federal and state tax filing deadlines have been extended for Atlantic, Bergen, Cape May, Essex, Gloucester, Mercer, Middlesex, Monmouth, Morris, Passaic, Somerset, and Union counties.

What you need to know if you live in one of the counties above?

If you live in a disaster are its important to know that if you experienced any personal property losses not covered by either insurance or government reimbursement you might qualify to claim them as casualty loss deductions.  The major disaster designation allows you to claim such deductions on either their 2009 or 2010 federal tax returns.  If you already filed your 2009 tax return you can amend your return to claim any casualty loss deductions you received.  If you filed your taxes with TurboTax it is free to amend your 2009 tax return.

The IRS is also waiving the fee and expedite requests for copies of past years returns for these individuals.  Just fill out Form 4506 Request for Copy of Tax Return online, print it, then write Disaster Designation in red ink at the top and submit it to the IRS. The address to mail the request is listed on the instructions below the form.

That’s the beauty of MyTaxRefund, a new iPhone App from TurboTax.  MyTaxRefund lets you track your e-filed federal tax return like a FedEx package,  letting you know when you can expect your refund dollars.  And the best part – its FREE!

If you e-filed, we can track it

Whether you used TurboTax or another method (booo!),  all you need to do is answer two questions and MyTaxRefund will:

• Show you the status of you e-filed return (sorry, no snail mail)
• Tell you if your return has been accepted by the IRS
• Let you know the IRS estimation of when you will get your federal refund