IRS releases important tax forms this week - KOTA Territory News

IRS releases important tax forms this week


About 90 % of tax payers were able to file their tax returns when the IRS pushed the start date back; but about 10% of taxpayers couldn't file yet because of the delay.

But this week, about a month later than normal, the IRS will release two popular tax forms that will allow many of that 10% to file.

Nicole Ossenfort, an accountant at Liberty Tax Service in Rapid City, says those forms are the 4562 form for people with rental real estate or a small business and the 8863 form for education credits.

Ossenfort says 8863 allows students or parents with students to apply for the American Opportunity Credit and the Life Time Learning Credit.

"It's a pretty big deal that this form is finally available because a lot of students have been waiting for it as well as parents with students because you are eligible for up to a maximum of a 2500 dollar education credit," said Ossenfort.

The max credit per student expenses such as tuition, books, and supplies is up to 1000 dollars in a refundable credit which means cash in your pocket.

The 4562 form for rental real estate or a small business was released Sunday by the IRS and the 8863 form will be released on Thursday, February 14.

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