IRS Offers Update Regarding Filing Timelines for Alternative Minimum Tax Patch
On December 19, 2007, Congress passed the Tax Increase Prevention Act of 2007 "patching" the Alternative Minimum Tax, and the legislation was recently signed into law by the President. This "patch" will effect approximately 13.5 million taxpayers in the United States. Basically, the patch increased the Alternative Minimum Tax exemption for all filing statuses since the AMT was not indexed for inflation when it was created.
So who does this effect? The "AMT patch" will affect those taxpayers who file the following forms:
- 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;
- Form 8859, District of Columbia First-Time Homebuyer Credit.
Basically, what is happening is the IRS is having to re-program their computer systems to take the new law into consideration. Therefore, those taxpayers who file any of the forms above will have to wait until at least February 11, 2008 to file their tax returns. Taxpayers who do not use any of the forms above may begin filing their returns after January 11, 2008.
[…] As we move into the new year with the tax deadline just about three months away we will be getting used to receiving many updates about filing your tax returns this year from the IRS. We got one of those this week letting the public know when they will be able to file a tax return because of changes made to the Alternative Minimum Tax legislation. […]
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[…] a major mistake. The tax laws are complex and they are continually changing. For example, the Alternative Minimum Tax patch that was recently signed into law that we […]
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