IRS Successfully Processing Tax Forms Affected By AMT Legislation

by Mike Godfrey, Tax-News.com, Washington

15 February 2008

The Internal Revenue Service announced on Thursday that it is now processing five tax forms affected by legislation involving the Alternative Minimum Tax (AMT).

IRS systems have now begun to accept and process returns including the five affected forms, and after several days of processing, the tax authority has confirmed that all systems are working properly.

In late December, the IRS announced that it would delay the processing of several tax forms. For the vast majority of taxpayers, the filing season this year began on time. But for any taxpayer whose returns included any of the five affected forms, filing opened on February 11th.

Taxpayers who use the five forms can now file their tax returns as normal.

The affected forms are:

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

Approximately 13.5 million taxpayers will use these forms this year. Altogether, the IRS expects to receive nearly 140 million individual tax return submissions this year.

The IRS explained that it has worked closely with the software industry and tax practitioners during the reprogramming process to minimize disruptions for taxpayers and the tax community.

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