IRS Announces January 30 Tax Season Opening: What You Need
to Know

Who can prepare and file with TurboTax now?

• The vast majority of taxpayers (90%) can prepare and file now.
• TurboTax will securely hold your return until the IRS is ready to process it.
• We will inform you by email as soon as we transmit your return to the IRS.
• We recommend that you file your federal and state returns with TurboTax now so we can send your return to the IRS on a first-come, first-serve basis. That way, your return will already be in the processing queue.
• Click here to check the status of your e-filed return. Note that the status of your return will display Pending until the IRS either accepts or rejects it, starting on January 30. More info
• With a few exceptions, listed below, TurboTax customers can prepare and file their taxes with TurboTax today.

What types of returns will not be processed until after January 30?

A small percentage of taxpayers (10%) will need to wait a little longer to file their returns, if their returns include one or more credits and deductions mentioned below. The IRS anticipates processing these tax returns sometime between late February and early March; a specific date will be announced in the near future, so be sure to check back often for the latest information.

Remember – no matter which tax preparation software, tax preparation service, or tax preparer you choose, returns with the following credits or deductions will not be processed until late February or early March:

• Residential Energy Credits (Form 5695) For those of you who made energy-efficient improvements to your home, such as new heaters, air conditioning, doors, windows, etc., TurboTax will be ready for you to enter your information and see your credit shortly. However, the IRS will not be able to process returns with Form 5695 until late February or March.
• Section 179 Property Depreciation (Form 4562) If you purchased an asset for your business, farm, or home office, and you were planning to deduct all or most of the cost in 2012, you will be able to enter all your information now. This form of depreciation that allows the expensing of new assets (Section 179) is reported on Form 4562. However, the IRS will not be able to process returns with Form 4562 until late February or March.
• First Time DC Homebuyer Credit (Form 8859) If you live in Washington, D.C. and purchased a home there during 2012, you are able to enter all your information to see if you qualify for the First Time DC Homebuyer Credit. If you qualify, the amount of your credit will be calculated on Form 8859 and TurboTax has that form ready for you. However, the IRS will not be able to process returns with Form 8859 until late February or March.
• Hybrid Conversion Credit (Form 8910) If you installed home-based charging equipment for your hybrid car, you will soon be able to enter that in TurboTax. However, the IRS will not be able to process returns with Form 8910 until late February or March.
• Electric Vehicles (Form 8834) If you want to take a credit for an electric vehicle you purchased and started using in 2012, go ahead and enter all your information now. However, the IRS will not be able to process returns with Form 8834 until late February or March.
• Alcohol Fuel Mixture Excise Tax Credit (Form 4136) If you produced a fuel mixture consisting of taxable fuel and alcohol, and then either sold the mixture or used it yourself as fuel, you can enter all your information and TurboTax will calculate your credit now. However, the IRS will not be able to process returns with Form 4136 until late February or March.
• Qualified Adoption Expenses (Form 8839) If you paid adoption expenses for a qualified child in 2012, or a prior year if your adoption just became final, or you have expenses to carry over from an adoption that became final in a prior year, you can fill out the information now. However, the IRS will not process returns with Form 8839 until late February or March. (Adopting your spouse's child does not qualify for this credit; in that case you will not be affected by the delay.
  
  If your return contains Form 8839, you can start preparing your taxes today; TurboTax is working continuously with the IRS to update the software, so start preparing today and we'll keep you informed about the dates these credits and deductions become available.
• Other deductions and credits (uncommon) Here are less common credit and deductions that the IRS is still finalizing.
  • Form 3800, General Business Credit
  • Form 5884, Work Opportunity Credit
  • Form 8396, Mortgage Interest Credit
  • Form 8582, Passive Activity Loss Limitations
  • Form 8911, Alternative Fuel Vehicle Refueling Property Credit
  • Form 8936, Qualified Plug-in Electric Drive Motor Vehicle Credit
  • Form 8903, Domestic Production Activities Deduction
    

Why the delay this year?

• Congress was late in passing tax laws this year; as a result, the IRS is opening one week later than originally anticipated.
• The new tax laws, called the American Tax Relief Act of 2012, were signed into law on January 2, 2013 by President Barack Obama, and extended some tax laws for 2012.
• The new tax laws required that the IRS update its forms and instructions, as well as make critical processing system adjustments before it can be ready to process returns.
• Remember – no matter which tax preparation software, tax preparation service, or tax preparer you choose, no returns will be processed by the IRS before January 30. Click here for the official IRS statement.