The Internal Revenue Service (IRS) has confirmed that it is now ready to process tax year 2017 returns claiming three popular tax benefits which were recently renewed retroactively. There was, of course, one big problem with those tax breaks: The IRS wasn't ready for them. This means that you can now file 2017 tax returns claiming those tax breaks. If, however, you have already filed your 2017 federal tax return and you want to claim those tax breaks retroactively, you'll need to amend your tax return. Unfortunately, amended tax returns cannot be filed electronically, and you should be prepared to wait: During tax season, amended tax returns may take up to 16 weeks to process.

Source: Forbes February 22, 2018 19:30 UTC