Friday, December 28, 2007

AMT Aftermath

The IRS has made great progress in implementing the changes to forms due to the AMT patch. According to recent news, the filing season should start on time for many taxpayers. The others…well due to the AMT, if you are a taxpayer filing the following five forms, processing of your return will not begin until February 14, 2008:

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• Form 8863, Education Credits.
• Form 5695, Residential Energy Credits.
• Form 1040A’s 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.

Be sure to speak with your tax advisor if you have to file these forms for you 2007 returns.

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