Important Update as of 2/10/2012 : This blog is related to your 2010 tax return. There were no delays related to late legislation and itemized deductions for TY 2011. You can file your taxes. There is however an IRS delay in issuing refunds. Please see our update for today:
Some taxpayers who filed electronically and received an acknowledgement from the IRS are concerned when they visit “Where’s My Refund” and are told that IRS has no information regarding their tax return. The IRS informed us on February 10 that this is a temporary situation and should be resolved in several days. At that time, you will be able to get an expected refund date when you visit “Where’s My Refund.”
This is an IRS issue and impacts returns regardless of who sends them in
to the IRS. This is not a TurboTax issue.
If you have received an acknowledgement of your tax return from the IRS, then the IRS assures us they have received your return and are processing it.
Information on the status of your refund will be updated in “Where’s My
Refund” once your return processes. This is a temporary situation, and we expect to resolve the matter in a few days.
IRS expects the vast majority of tax refunds to continue to be issued
within the historical range of 10 to 21 days.
The IRS has updated it’s Where’s My Refund site with additional FAQs: http://www.irs.gov/newsroom/article/0,,id=254102,00.html
Ready to file your taxes already? You can electronically file your 2010 tax return with TurboTax today, even if you are affected by the recently announced IRS processing delays. If you prepare and e-file your return with TurboTax we will automatically e-file your federal tax return when the IRS begins accepting them in February, you can receive your state refund as soon as possible and be done with your taxes!
“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.”
Wondering if you your tax return will be affected by IRS delays? Taxpayers who itemize tax 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 tax returns. You can also check out this post to find out if your state is anticipating any delays of state tax returns.
A quick tip: the IRS is urging all taxpayers to electronically file their 2010 taxes to ensure accurate returns and faster refunds. Once the IRS begins processing tax returns affected by the delays, if you e-file and choose direct deposit you can expect your tax refund in as little as eight days.
If you still have questions about the IRS delays or any other tax question you can take advantage of a free answer from a TurboTax tax expert through Jan. 31 at http://www.freetaxquestion.com.