Income Tax Refunds: Better Late Than Never

On December 19, 2007 Congress enacted legislation, which shields middle and upper middle taxpayers from the alternative minimum tax. Unfortunately, some taxpayers who are subject to the AMT will not be able to file their returns or get their refunds until February of 2008. Due to the late action of congress the IRS will be unable to process five AMT-related forms until February 11, 2008. The forms that are subject to the delay are the following:

1) Form 8863, Education Credits.
2) Form 5695, Residential Energy Credits.
3) Form 1040A’s Schedule 2, Child and Dependent Care Expenses for Form 1040A filers.
4) Form 8396, Mortgage Interest Credit.
5) Form 8859, District of Columbia First-Time Home buyer Credit.