I copied this from the IRS site.
The way I read it is that you have to pass the exam by the end of 2013, so it looks like you could file the 2012 returns in 2013. Don't wait till the last minute, if you have been preparing tax returns it should not be that hard to pass. NATP and others will have study material to help you be prepared.
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Phase 2: Pass IRS Competency Exam (begins mid-2011)
In mid-2011, the second phase of the paid preparer oversight program is scheduled to begin. You must pass an exam to demonstrate your competency to prepare federal tax returns. Once you pass the exam, you will become an IRS Registered Tax Return Preparer.
Exception—if you are an attorney, CPA or Enrolled Agent (and are active and in good standing with your licensing agency) you are exempt from the test requirement.
We expect to have the exam available in mid-2011. If you register and get your new PTIN before the competency exam is available, you will have until the end of 2013 to take and pass the exam. If you delay getting your PTIN until after the online exam is available, you will have to pass the exam before you can get your PTIN and start preparing federal tax returns.
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