Some Tax Refunds To Be Delayed

By | December 27, 2007

Over 3 million refunds will be delayed until february due to congress’ late fix to the AMT bill, according to the IRS late thursday.

We regret the inconvenience the delay will mean for million of early tax filers, especially those expecting a refund,” acting IRS Commissioner Linda Stiff said.

Will my refund be delayed?

The majority of tax returns will not be affected by this delay. If you didn’t have to pay the AMT last year then you probably won’t have to this year, unless your financial situation has changed.

If you are affected by this, we can help you. Just file your taxes as usual with and we will walk you through the process. Going to a brick and mortar tax preparer won’t speed this process up, all those effected by the AMT have to wait, no matter how the forms are filed. Efile is still the fastest way to file your taxes.

Some Tax Refunds To Be Delayed

If you efile taxes online then you are using the best way to file your taxes.

The five forms affected by the delay are:

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

Any taxpayer using those tax forms will have to wait until February to file their taxes, the IRS said. The IRS will begin processing those forms on Feb. 11, and the first tax refunds for those people who efile taxes online will start going out 10 to 14 days later and those who file with paper tax forms can expect a wait of as long as six weeks.