tax forms

The IRS does not expect to have its computer reprogrammed for the AMT patch until after February 11, 2008. If you file using Form 8863, Education Credits; Form 5965, Residential Energy Credits; Form 8396, Mortgage Interest Credit; Form 8859, District of Columbia First-Time Homebuyer Credit; or Schedule 2, Child and Dependent Care Expenses for Form 1040A Filers the IRS will delay inputting your tax return.

If the IRS sent you a Form 1040 package during this first week of January, you probably have the wrong forms.

The Alternative Minimum Tax last minute law change (called the AMT Patch) has not been reflected on the forms. Read on to see which forms are wrong, and what you can do about it. By the way, it is up to YOU, the taxpayer, to make sure the right forms are used. The IRS is not going to send you corrected copies. And, if you do it wrong, I’m sure you’ll be the one paying the penalty.

AMT Patch Affects Millions of Form 1040 Packages