AMT Patch Delays Tax Refunds as Expected

The IRS announced last week that because of the Congressional delay in the passage of the Alternative Minimum Tax (AMT) patch, it will take at least until the 13th of February before the AMT tax forms can be properly processed. According to Federal Computer Weekly, 13.5 million taxpayers who will use any of the five forms related to the AMT legislation will need to wait until then to begin submitting their returns, said Acting IRS Commissioner Linda Stiff.

Taxpayers affected are those using: 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; and Form 8859, District of Columbia First-Time Homebuyer Credit. Once the tax forms are processed, refunds if any will take another 10 to 14 days to be sent out.

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