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2007 AMT Update

Updated: 2/26/2008
Article ID: 5146
Credits and forms affected are up to date in TurboTax

The disruptions in tax filing due to late passage of a bill curbing the Alternative Minimum Tax, or AMT, have ended, the IRS announced on Feb. 14.

 

As a result, TurboTax is up to date on any credits affected by the AMT legislation and reflects current law regarding the AMT itself.

 

In late December the agency said that it could not process returns that included any of five credits related to the AMT: education credits, residential energy credits, child and dependent-care expenses for Form 1040A, mortgage -interest credit and first-time homebuyer credit for the District of Columbia.
 
The IRS began accepting returns with these forms on Feb. 11 and confirmed on Feb. 14 that its systems were working properly.
Customers given option

TurboTax gave affected customers taking the credits the option of waiting until Feb. 11 to file, or filing prior to that date to get partial refunds. After Feb. 11, customers could amend their returns to obtain the balance.  

For information on the AMT, see  What Is The AMT?
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