E-file opens on Wednesday.
This date is when most taxpayers can begin submitting their 2012 tax returns.
The delay this year is because of late legislation regarding expiring tax credits. There are still many forms that the Internal Revenue Service has yet to release. This will cause some taxpayers, mostly businesses, to wait until late February or early March before they can file their 2012 tax returns.
However, taxpayers claiming residential energy credits must also wait until this time to file their returns.
Here is a list of forms that will not be available when e-filing opens on Wednesday:
• Form 3800 – General Business Credit
• Form 4136 – Credit for Federal Tax Paid on Fuels
• Form 4562 – Depreciation and Amortization
• Form 5695 – Residential Energy Credit
• Form 5884 – Work Opportunity Credit
• Form 8396 – Mortgage Interest Credit
• Form 8582 – Passive Activity Loss Limitations
• Form 8903 – Domestic Production Activities Deduction
• Form 8908 – Energy Efficient Home Credit
• Form 8909 – Energy Efficient Appliance Credit
• Form 8910 – Alternative Motor Vehicle Credit
• Form 8911 – Alternative Fuel Vehicle Refueling Property Credit
• Form 8936 – Qualified Plug-in Electric Drive Motor Vehicle Credit
These are some of the common forms taxpayers use.
There are also many forms that most taxpayers do not use, such as Mine Rescue Team Training Credit, Credit for Employer Differential Wage Payments and other forms specific to different industries.
Taxpayers using the above mentioned forms must wait until the IRS releases these forms to file their 2012 tax returns.
One of the most frequent questions asked is about the Social Security rules. For 2013, individuals age 62 to 65 can earn up to $15,120 before their Social Security benefits are affected. Benefits are reduced $1 for every $3 earned above the $15,120.
If a taxpayer is 66 he can earn up to $40,080 before his benefits are affected. Taxpayers over the age of 66 do not have a limit on how much they can earn.
Paper checks will end.
On March 1, the Treasury department will stop mailing paper checks to Social Security recipients. Retirees will be required to choose to have their Social Security payments either directly deposited into a bank or credit union account or loaded onto a prepaid Direct Express Debit MasterCard.