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How Will Congress’ Last Minute AMT Fixes Affect My Tax Return?

Congress’ last minute changes to the Alternative Minimum Tax (AMT) has left taxpayers across the country scratching their heads and wondering if these changes will affect their tax return or not. The IRS recently announced that tax season is set to begin as usual for tax payers that are unaffected by these AMT patches. However, if your tax return uses one of the forms the IRS identified as related to the AMT you will not be able to file your returns until at least February 11, 2008. This is the date the IRS "expects" to be ready to process these returns, but no date is set in stone. 13.5 million taxpayers are expected to be affected by this delay.

If your federal tax returns include any of the following forms then you cannot file your return until February 11th, 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
  • Form 8859, District of Columbia First-Time Homebuyer Credit

For more information on the

Alternative Minimum Tax, check out its entry in our glossary terms.

Print | posted on Wednesday, January 09, 2008 1:58 PM | Filed Under [ Frequently Asked Questions ]

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