How soon can you file, if you have everything in order, your taxes in January 2008 ?

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Alternative Minimum Tax (AMT) 鈥?How It Affects Filing Season 2008

Updated Dec. 28, 2007

The upcoming tax season is expected to start on time for everyone except for certain taxpayers potentially affected by late enactment of the Alternative Minimum Tax 鈥減atch.鈥?Following extensive work in recent weeks, the IRS expects to be able to begin processing returns for the vast majority of taxpayers in mid-January. However, as many as 13.5 million taxpayers using five forms related to the Alternative Minimum Tax (AMT) legislation will have to wait to file tax returns until the IRS completes the reprogramming of its systems for the new law.

IRS has targeted Feb. 11, as the potential starting date for taxpayers to begin submitting the five-related returns affected by the legislation. The February date allows the IRS enough time to update and test its systems to accommodate the changes without major disruptions to other operations related to the tax season. See IRS News Release 2007-209 for more information.

Returns that include the following forms cannot be filed until Feb. 11, 2008:

Form 8863, Education Credits
Form 5695, Residential Energy Credits
Schedule 2, Form 1040A, Child and Dependent Care Expenses for Form 1040A Filers
Form 8396, Mortgage Interest Credit
Form 8859, District of Columbia First-Time Homebuyer Credit
Check this page for further AMT-related updates.

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.

Questions and Answers: AMT Legislation and Filing Season 2008
Tax Topic 556 鈥?Alternative Minimum Tax
Form 6251, Alternative Minimum Tax
1040 Central 鈥?Forms, publications, calculators and other information for the filing season

You should call the IRS because I have heard, on the radio and the news, that there is going to be a delay for people that file early.

January 1

There is a delay to Feb 11 for filing if you use one or more of the following forms:

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

Otherwise you can file by mail starting Jan 1 or efile starting Jan 14.