| ST LOUIS - The Internal Revenue Service began full operations for processing 2007 tax returns from most taxpayers on January 14, 2008. Most taxpayers can file their tax return anytime before the April 15 deadline, but some will have to wait a few weeks.
Taxpayers who use five forms related to the Alternative Minimum Tax (AMT) legislation have to wait until the IRS completes the reprogramming of its systems for the new law. The IRS hopes to begin accepting returns from everyone on Feb. 11.
Filing electronically (e-file) is the best option for everyone, including people impacted by the AMT changes. When you e-file and use direct deposit, you can expect your refund in as little as 10 days. Refunds from paper returns typically take four to six weeks.
Returns can be e-filed through a tax preparer, using over-the-counter software, or through IRS Free File which allows taxpayers who earned $54,000 or less (70% of all filers) to electronically prepare and file their tax returns for free. Last year, 60 percent of Kansas (760,000 returns) and Missouri (1.5 million) returns were e-filed.
Taxpayers affected by AMT legislation
As many as 13.5 million taxpayers who use five forms related to the AMT legislation will have to wait to file their tax returns. The IRS reports that based on previous filing patterns only three million to four million taxpayers will be affected. Returns that include the following forms should not be filed until Feb. 11, 2008:
- Form 8863 (education credits) found here
- Form 5695 (residential energy credits) found here
- Schedule 2, Form 1040A (Child and dependent care expenses for Form 1040A filers) found here
- Form 8396 (mortgage interest credit) found here
- Form 8859 (District of Columbia first-time homebuyer credit) found here.
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. If returns with these forms are e-filed before Feb. 11, they will not be accepted.
Be wary of identity theft promoters
For the latest information on the AMT, e-file, direct deposit and other tax matters visit the official IRS website at IRS.gov and don't be confused by internet sites using IRS that end in "com," "net," "org" or any other designations.
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