The Internal Revenue service announced last week that taxpayers will be able to start filing two major tax forms covering education credits and depreciation.
Starting Sunday, February 10, the IRS will start processing tax returns that contain Form 4562, Depreciation and Amortization. And starting on Thursday, February 14, the IRS planed to start processing Form 8863, Education Credits.
Form 4562, Depreciation and Amortization: Most of the people using the depreciation form tend to file later in the tax season or obtain a sex-month extension. Non-1040 business filers using Form 6562 can also file starting on Sunday, February 10.
Form 8863, Education Credits: Form 8863 is used to claim two higher education credits- the American Opportunity Tax Credit and the Lifetime Learning Credit.
This step clears the way for almost all taxpayers to start filing their tax returns for 2012. These forms affected the largest groups of taxpayers who were not able to file following the Jan. 30 opening of the 2013 tax season.
The IRS will be able to accept the education credits and depreciation forms following the completion of reprogramming and testing of its systems. Work continues on preparing IRS systems to accept the remaining tax forms affected by the American Taxpayer Relief Act (ATRA) enacted by Congress on Jan. 2.
The IRS also announced it will start accepting the remaining forms affected by the January legislation the first week of March. A specific date will be announced later. Most of those in this group file more complex tax returns and typically file closer to the deadline or obtain an extension. Available on IRS.gov is a full list of the forms that will be accepted the first week of March.
For taxpayers using e-file, most software companies are now accepting tax returns with these two forms and will submit them after the IRS begins accepting them.
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