<p>So okay my family's CPA said that we have to wait until late February to file our tax..</p>
<p>I couldn't believe it so I looked it up online and I found this.</p>
<p>50</a> million itemizers can't file taxes before mid-February - Dec. 31, 2010</p>
<p>I don't know what itemized deduction means.</p>
<p>Is this true?? or is our CPA lying to us..</p>
<p>Tis true. Since Congress passed new tax legislation mid-December it didn’t leave enough time for the IRS to incorporate changes to their systems. Your taxes can still be completed, just not submitted until February.</p>
<p>You can do your taxes in January if you have all the documents you need (W-2, 1099s, etc) but you can’t file them with the IRS until February.</p>
<p>Your CPA isn’t lying.Because Congress passed the tax bill so close to the end of the year, the IRS is scrambling to change (and test) its computer programs to reflect the legislation Congress approved, and the software CPAs use also has to be changed. I’ve heard dates of mid-February, but I think that many CPAs will want to wait at least a week or two after the new software is ready before submitting – there are often glitches.</p>
<p>UC, yes you should wait to file your taxes…but you should NOT wait to file your FAFSA (and Profile if needed). Do them with really good estimates…and amend when you complete your taxes,</p>
<p>Thanks everyone…
So you guys are saying even though I have to wait until late February to file taxes, I still can get exact amount that I need for FAFSA from CPA in Jan.
Is this correct?
Then I just go to FAFSA website and change status to ‘filed’ even if I haven’t yet?</p>
<p>NO!! You will file the FAFSA in January using the “will file” status. This means that you WILL file taxes but have not yet done so. You will use your BEST estimates for income and taxes paid. Your assets are reported as of the date of filing. You should have end of the 2010 year pay stubs that should give you your income, and taxes year to date. Yes, you “could” get this info from your CPA, I suppose, but you also should have it yourself. </p>
<p>Submit the FAFSA.</p>
<p>Then in February (as early as possible) complete your taxes. Then go back into the FAFSA website and amend your FAFSA to reflect the actual numbers ON your 2010 tax return. The only items you will amend will be those things from your tax return. Change your status to “taxes completed”…and resubmit the FAFSA.</p>
<p>You don’t change the status to “filed” until you have completed your taxes. Until then…your status is “will file”.</p>
<p>yup…our genius Congress didn’t think it was a priority I guess</p>
<p>The tax software I use, and I imagine most other commercial packages, have already been updated, so your accountant should be able to give you exact numbers long before the end of February.</p>
<p>Plus, it may be that you can still file, your return will just sit in limbo for a while until the IRS finishes reprogramming their computers.</p>
<p>Since several of my S’s schools required signed forms by mid February, I am really hoping to be able to complete our taxes by then.</p>