Updated Feb. 15, 2008
Taxpayers can now file tax returns that include the five forms delayed by recent legislation pertaining to the Alternative Minimum Tax (AMT).
The forms are:
Form 8863, Education Credits
Form 5695, Residential Energy Credits
Form 8396, Mortgage Interest Credit
Form 8859, District of Columbia First-Time Homebuyer Credit
For the vast majority of taxpayers, the filing season this year began on time. However, as many as 13.5 million taxpayers who need to file the five forms listed above had to wait until Feb. 11 to begin filing those returns.
For more information, see:
IRS news release IR-2008-19, IRS Successfully Processing Tax Forms Affected by AMT Legislation,
IRS news release IR-2007-209, Filing Season Opens on Time Except for Certain Taxpayers Potentially Affected by AMT Patch
Additional Information on the Alternative Minimum Tax
What is the AMT? The AMT came into being with the Tax Reform Act of 1969. Its purpose was to target a small number of high-income taxpayers who could claim so many deductions they owed little or no income tax. A growing number of middle-income taxpayers are discovering they are subject to the AMT.