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IRS Begins Processing Returns Delayed from AMT Legislation

In December 2010 the IRS announced that due to the recently enacted Alternative Minimum Tax (AMT) legislation there would be tax processing delays for taxpayers who itemize deductions, specifically those claiming the higher education tuition and fees deduction and the educator expenses deduction. Effective February 14, 2011 the IRS will begin accepting tax returns that were affected by this filing delay. The IRS stated that the delay was necessary to accommodate the December 17, 2010 enactment of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 while not disrupting other operations tied to the filing season. The tax processing delay affected taxpayers using any of these five IRS forms: 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. To make sure you have the most up-to-date tax software, visit the ManagingMoney.com TaxCenter. Here you can compare the top tax providers in either download or desktop format.

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