AMT Tax Forms Delay Returns
The IRS has announced that there will be a delay in processing returns from taxpayers submitting forms related to the AMT. This could potentially delay refunds for millions of taxpayers.
Congress' late enactment of the Alternative Minimum Tax "patch" will affect up to 13.5 million taxpayers using forms related to the AMT. The IRS estimates that February 11, 2008 as the potential starting date for taxpayers to begin submitting the five-related returns affected by the legislation. The IRS needs time to update and test its systems to accommodate the changes.
Returns that include the following forms cannot be filed until Feb. 11, 2008:
* Form 8863, Education Credits
* Form 5695, Residential Energy Credits
* Schedule 2, Form 1040A, Child and Dependent Care Expenses for Form 1040A Filers
* Form 8396, Mortgage Interest Credit
For more information, visit the IRS Website
2 comments:
Score one more for the illustrious Democratic Congress. The main reason they took so long to complete the stop gap patch to the AMT for this year is because they enacted a rule that forced them to find a way to replace the revenue lost by fixing the AMT. Oops, looks like they did it again!
John Kaighn
Jersey Benefits Advisors
Plug In Profit
John Kaighn's Web Business Review
John Kaighn's Guidance Website
Post a Comment