Education Credit and Depreciation Forms Can Now be Electronically Filed with the IRS

Earlier in the year, the IRS announced that they would officially start the tax filing season on January 30 due to extensive form and processing systems changes.  They also warned that many taxpayers would not be able to electronically file returns until February or March. 

As of February 14, the IRS has been accepting tax returns that include Form 4562, Depreciation and Amortization, and Form 8863, Education Credits.  Form 4562 is filed by taxpayers claiming a deduction for depreciation or amortization, making an election under Section 179 or reporting information on the business or investment use of automobiles and other property.  Form 8863 is filed by those claiming the American opportunity and the lifetime learning tax credits.

There are still 29 forms that cannot be electronically filed; however, the IRS hopes to start accepting returns with these delayed forms in the first week of March.

For more information on when the IRS will begin accepting the additional 29 forms, please contact a Bergan Paulsen team member or visit our blog and website for updates.