If 2008 is the first year you've thought about filing your taxes on the early side, you might have picked the wrong year to be proactive. For most people, the IRS will begin processing tax returns in mid-January as usual. But, if you're someone that plans to file any of these five AMT-related forms, you'll have to wait until February to file your tax returns.
- Form 8863, Education Credits
- Form 5695, Residential Energy Credits
- Schedule 2, Child and Dependent Care Expenses for Form 1040A filers
- Form 8396, Mortgage Interest Credit
- Form 8859, District of Columbia First-Time Homebuyer Credit
If you don't recognize any of these forms, than proceed filing your taxes early and pat yourself on the back for being on top of your game. The reason for the delay is the enactment of the alternative minimum tax "patch," and the IRS needs time to update its systems to reflect the policy changes. The patch affects about three million people; are you one of them?
Tomster
Halston
Mulberry
Good to know although it doesn't affect me...
1I'd like to see a post about the details of the AMT and what it means for those of us that do file those forms. Also, FYI, the link in the post doesn't work.
2I'm assumming this is just for the US???
3I am not one of these people but my husband is an accountant and his office is not looking forward to this tax season because they are going to be really behind due to the delay in releasing these forms! Boo for tax season!
4i cant wait to do mine!
5i want some money honey!
Uncle SAM will be diggin' in my pockets and my azz for awhile. I owe for 2005 and 2006...ho hum.
6I hope I get m=lots of money back! I am pretty sure I should be gettting a good chunk back!
7huh. good to know!
8I have to do a little more research, but I think I have to fill out one or more of these forms. Ug. We want our money. Do you think we could charge interest for them holding our money??? Doubtful. Double standard. We have to be on top of all the new laws, but the IRS doesn't. Go figure...
9I LOOOOOOOVE THOSE EDUCATION CREDITS!!!!
10TOO BAD I HAVE TO WAIT!
Hey there's a lot of discussion about AMT over at the H&R Block site.
http://digits.hrblock.com/ssDigits/amt.php
11Thanks nichellest!
12None of these affect me.
My father does my taxes and I always file right away.
13It doesn't hurt to get your taxes *ready* before February, you just can't actually file them until that date. Taxes aren't something you should drag your feet on, even if the IRS is giving you an excuse this time.
14I heard about this on the news but I didn't have the details. Thanks Sav!
15i agree, i would love to find out more about the AMT... in normal everyday lingo, not the nonsense that the IRS puts out!
16Well just for everyones 411. I also did not file any of those forms and my refund was supposed to be in my account on the 10 of FEB. I looked on WHERES MY REFUND? everday and it said the same date (FEB 10) However, all of a sudden I looked on it yesterday and they changed it to FEB 17. I called the IRS and they have no clue why it changed. The agent I spoke to said that there was nothing wrong with my return and taht she had no clue why it got extended. So BEWARE and check the IRS website daily so you do not expect it and have IRS change dates on you like they did me.
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