January 3, 2008 12:00 am

Tax Season Begins on Time—Except for AMT Filers

The IRS will begin processing 2007 income tax returns by mid-January, the usual time for the start of tax season. However, for about 13 million taxpayers who file certain forms impacted by the alternative minimum tax (AMT), the target date for their returns to be processed is February 11, 2008.

These five forms are:

  • Form 8863, Education Credits
  • Form 5695, Residential Energy Credits
  • Form 1040A's Schedule S, Child and Dependent Care Expense for Form 1040A filers
  • Form 8396, Mortgage Interest Credit
  • Form 8859, District of Columbia First-Time Homebuyer Credit

Late enactment of an AMT "patch" for 2007 delayed the IRS from printing forms and schedules and programming computers according to its regular timeframe. Now the IRS reports that it has been able to print all affected forms and schedules, but requires additional programming time for these five forms affected by the AMT (programming for seven other affected forms has been completed). Returns including any of these five forms will not be accepted for e-filing until the computers are ready in February.

Tax Glossary

Accelerated cost recovery system (ACRS)

A statutory method of depreciation allowing accelerated rates for most types of property used in business and income-producing activities during the years 1981 through 1986. It has been superseded by the modified accelerated cost recovery system (MACRS) for assets placed in service after 1986.

More terms