Delayed Tax Forms

As a result of the Alternative Minimum Tax (AMT) patch that was signed into law the other day, the tax forms have to be reprinted and reprogrammed in all of the IRS’s computers and with all of the software businesses who sell tax software.

If your tax return is affected by the following forms, your return will have to wait until it can be filed with the all of the correct calculations:

Forms 8863 (Education Credits)

5695 (Residential Energy Credits)

1040A’s Schedule 2 (Child and Dependent Care Expenses for Form 1040A Filers)

8396 (Mortgage Interest Credit)

Interestingly enough, the AMT Form 6251 is corrected first, and won’t be delayed. This is because IF you are affected by AMT, the IRS would like you to file early so they get their money early. The delayed forms play into the AMT calculation but usually result in refunds, and so of course it is not important to fix those first.

The IRS has given February 11th as the earliest date in which the affected forms can be filed with them. That usually means all of the tax software should have the bugs ironed out by the end of February. Another interesting tax season ahead…