More On The Alternative Minimum Tax

Because Congress dragged their feet on the Alternative Minimum Tax issue, there may be as many as 13 million taxpayers who are affected by this. At least the filing season is expected to start on time, with the IRS accepting returns starting on January 14.

However, there are 5 forms that will not be accepted by the IRS no earlier than Feb. 11. Those affected are the Education Credits, Residential Energy Credits, Child and Dependent Care Expenses, Mortgage Interest Credit, and the District of Columbia First Time Homebuyer credit. If you are affected by any of these credits, you should wait until then to file your return, or you could file without using the credits and file an ammended return, though that might be too much for most taxpayers.

Tim

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