January 29, 2013 10:48 am

Returns with Education Credits Accepted Mid-February

While the tax filing season opens on January 30 for most individuals, those who claim either the American opportunity tax credit or the lifetime learning credit on 2012 returns can expect the IRS to begin processing them by mid-February. The IRS needed to update its systems to process Form 8863, Education Credits. The delay does not impact the processing of returns claiming other tax breaks, such as the tuition deduction (use Form 8917, Tuition and Fees Deduction, for this write- off).

Source: IR-2013-10

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Tax Glossary

Recognized gain or loss

The amount of gain or loss to be reported on a tax return. Gain may not be recognized on certain exchanges of property.

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