Some AMT forms delayed

Cannon Air Force Base

The Internal Revenue Service announced that the upcoming tax season is expected to start on time for everyone except certain taxpayers potentially affected by late enactment of the Alternative Minimum Tax AMT “patch” passed in late December by Congress.

The February delay caused by the AMT patch will affect taxpayers using any of these five forms:

• Form 8863, Education Credits (tuition expenses paid).

• Form 5695, Residential Energy Credits.

• Form 1040A’s Schedule 2, Child and Dependent Care Expenses.

• Form 8396, Mortgage Interest Credit.

• Form 8859, District of Columbia First-Time Home buyer Credit.

The IRS has targeted Feb. 11 as the potential starting date for taxpayers to begin submitting the five AMT-related returns affected by the legislation. The February date allows the IRS enough time to update and test its systems to accommodate the AMT changes without major disruptions to other operations.