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The Rhode Island Division of Taxation today began accepting electronically filed personal income tax returns for tax year 2012. A total of 27,879 returns have been e-filed so far.
“We’re now open for business to receive e-filedRhode Islandpersonal income tax returns,” said state Tax Administrator David M. Sullivan. “Many taxpayers have most or all of the documentation they need to file their taxes. So now is a good time to file – and to do so electronically.”
E-filing results in fewer errors, faster processing, and swifter issuing of refunds, he said.
Also, only e-filers have the option to have their refunds deposited directly into their bank or credit union accounts. The direct deposit option is not available to paper filers, said Susan M. Galvin, chief of Tax Processing Services. About 76 percent ofRhode Islandpersonal income tax returns were e-filed last year.
Through a longstanding federal-state partnership, e-filedRhode Islandpersonal income tax returns are transmitted to the IRS then downloaded by the Tax Division. The IRS system was closed earlier this month so that the IRS could update its computers to reflect last-minute changes in federal tax law. The IRS began accepting many e-filed returns yesterday, and the Tax Division followed.
Taxpayers claiming credits at the federal level for higher education expenses will not be able to file their federal returns until mid-February, the IRS recently announced. Other taxpayers – including those who claim a depreciation deduction, the general business credit, or residential energy credits – will not be able to file until late February or early March, according to the IRS. Taxpayers in such circumstances may have to wait a while longer to file theirRhode Islandstate returns, depending on how the federal situation affects them.
Free File opens
The Tax Division’s website now includes links to five online tax-preparation programs that allow eligible taxpayers to prepare and file their federal andRhode Islandpersonal income tax returns at no charge.
Taxpayers must first meet the eligibility requirements, then read each program’s terms and conditions carefully. “Taxpayers should check to see if they’re eligible, and then review each program’s rules to make sure the program suits their needs” before choosing a program, Sullivan said. The links are available at: http://www.tax.ri.gov/misc/efile.php