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March 3, 2013 11:48 am
IRS Starts to Accept all Delayed Returns
Income tax returns for 2012 that included any of 29 forms and schedules (www.irs.gov/uac/Newsroom/List-of-IRS-forms-that-1040-filers-can-begin-filing-in-late-February-or-into-March-2013) impacted by the “fiscal cliff” legislation were not able to be filed until now. The IRS announced that as of March 3 it is accepting returns with any of these forms or schedules.
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Tax Glossary
Itemized deductions
Items, such as interest, state and local income and sales taxes, charitable contributions, and medical deductions, claimed on Schedule A of Form 1040. Itemized deductions are subtracted from adjusted gross income to arrive at taxable income. The amount of itemized deductions is also subject to a reduction when adjusted gross income exceeds certain limits.
