what is the status of the AMT changes and i hear that peopel with an AMT issue cant file untill April? Any truth to that?

Post edited by: cam.it, at: 2008/01/24 20:39<br><br>Post edited by: cam.it, at: 2008/01/24 22:34

AMT forms wont be ready until Feb 11th

Feb 11th is the target date for the IRS to start receiving tax returns with the updated AMT forms. The IRS needs to update and test its computer systems to accomodate the form changes.

what if i filed my return already and didnt use the new forms?

Filing an early tax return without one of the five newly affected AMT forms may cause a problem for you. You can alway amend your original tax return using the new forms. The problem is that your tax refund, if applicable, will take a longer time to process and be sent to you.

In addition, the IRS usually requests that amended return be submitted after April 15th so that they can properly process your original return. So, expect some additional burden in calling the IRS, time loss, and additional tax preparation fees.

However, forgeting to file an amended return may cause you to mis-out on a tax credit, which you may be entitled to.

whats the change in the AMT? no posts on that