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When Will IRS Begin Processing 2012 Tax Returns?

The agency is retooling after the massive 'fiscal cliff' legislation.

Updated 2:25 p.m., January 10

The IRS has served notice that most U.S. income tax filers can being filing 2012 tax returns on January 30, 2013. The timetable had been questioned because of the so-called fiscal cliff legislation signed into law earlier in January.

According to Forbes magazine, the nation's bill collector says it will begin processing tax returns for most filers at the end of January.

There are forms and instructions to revamp, as well as computers to retool, according to Forbes. Although the IRS says that it worked to anticipate Congress’ changes, the new law required the IRS to do considerable updating and processing before starting the annual tax routine.

However, some taxpayers will need to wait until late February or March. These would include people claiming residential energy credits, depreciation of property or general business credits.

The IRS says you can file electronically or on paper, but it prefers the former method. More than 80 percent of taxpayers filed electronically in 2012.

-- How will the "fiscal cliff" compromise affect your 2012 taxes? Share your thoughts in the comments below.

pilotlight January 10, 2013 at 07:18 PM
"The IRS says you can file electronically or on paper, but it prefers the latter method." You do mean "former" don't you?
pilotlight January 10, 2013 at 07:20 PM
Definitely "former". This is from Forbes (http://www.forbes.com/sites/robertwood/2013/01/08/irs-will-start-processing-2012-tax-returns-january-30-2013/) "As to filing electronically or on paper, the IRS says you can do it either way. But make no mistake, the IRS is giving a new push to electronic filing, noting that it will make the process easier and faster. More than 80% of taxpayers filed electronically last year."
Steve Burns (Editor) January 10, 2013 at 07:26 PM
You are correct, and it is fixed. Thanks.

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