Tax News
Alternative Minimum Tax (AMT)
How It Affects Filing Season 2008
Feb. 13, 2008
If you have put your tax return on hold because of the FIVE FORMS listed below that got delayed due to the Alternative Minimum Tax (AMT) legislation please efile or print your return now.
Returns that include the following forms are now available on efile.com:
- 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
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.
Efile is a great option for everyone, especially if they are affected by the AMT. Plus efile will get tax returns faster to tax payers and greatly reduces the chances for making an error on the AMT or other tax issues.
Information provided is thought to be reliable but is not guaranteed to be accurate.