Great News! The IRS has opened its e-file doors. The Internal Revenue Service has completed updating, programming and testing most of its processing systems following the recent tax law changes. The IRS is now ready for your 2012 return to be e-filed! This means that you can submit your federal and state tax returns online and get your refund fast when you use e-file with direct deposit. There are still a number of items on the IRS “to-do” list, but we will cover those in a moment.

Submitting your tax return electronically to the IRS with e-file is safer, more convenient and much faster than filing by mail. You can trust Taxbrain an IRS authorized e-filer built on the same engine used by CPAs and tax professionals nationwide for more than 20 years.

Checking the Status of Your Refund – Where’s My Refund?

According to IRS, you can check the status of your federal tax refund by using the interactive tool, “Where’s My Refund?” about 24 hours after your tax return has been electronically filed. You will need some information from your tax return including your social security number, filing status (married, single, head of household) and the exact dollar amount of the refund you’re expecting.

According to the IRS website:

Where’s My Refund? has a new look for 2013! The tool will include a tracker that displays progress through 3 stages: (1) Return Received, (2) Refund Approved and (3) Refund Sent.

You will get personalized refund information based on the processing of your tax return. The tool will provide an actual refund date as soon as the IRS processes your tax return and approves your refund. Remember, most refunds will be issued in less than 21 days.

One thing to remember is that the delivery date provided on “Where’s My Refund?” is not a guarantee; it may take up to five additional days for your financial institution to post the refund to your account (if you received direct deposit), or for mail delivery of a paper check.

Last year the IRS issued more than 9 out of 10 refunds to taxpayers in less than 21 days. The same results are expected for this year.

A Select Few Will Still Have to Wait to e-File

There are certain forms that will not be available on January 30. For individual taxpayers you will need to wait until middle of February if you are filing a return using Form 8863 to claim certain Education Credits. Other delayed forms include Form 8839 Qualified Adoption Credits, and several business and investor related forms that will not be available until late February or early March.

Can I still Prepare my Return if One or More Forms is Not yet Available?

Yes! Taxbrain is up to date with all the latest tax law changes. Taxbrain will let you know when the IRS is able to process returns containing these delayed forms. At that point, you will be notified to complete your filing process. Returns will be submitted on a first in, first out basis. For the fastest refund possible, make sure you e-file and select direct deposit.

Which Education Credits Are on IRS Form 8863?

IRS Form 8863 is used to file for two popular education tax credits – The American Opportunity Tax Credit and the Lifetime Leaning Credit. These credits are designed to provide additional savings to college students and certain continuing education students. Approximately 12 million Americans receive one of these two credits.

Other Tax Forms Not Yet Available for Filing

Individual Taxpayers
Form 8839 (Qualified Adoption Expenses)
Form 5695 (Residential Energy Credit)
Form 8936 (Plug-In Electric Vehicle Credit)

Businesses & Investors
Form 4562 (Depreciation and Amortization)
Form 8586 (Low-Income Housing Credit)
Form 5884 (Work Opportunity Credit)
Form 6478 (Credit for Alcohol used as Fuel)
Form 6765 (Credit for Increasing Research Activities)
Form 8582 (Passive Activity Loss Limitations)
Form 8844 (Empowerment Zone Employment Credit)
Form 8845 (Indian Employment Credit)
Form 8903 (Domestic Production Activities)
Form 3800 (General Business Credit)
Form 4136 (Credit for Federal Tax Paid on Fuels)

Learn more about the IRS e-file delay at the IRS website here.

A full listing of the forms that won’t be accepted until later is available on IRS gov.