Delays expected for some early tax filers - WALB.com, South Georgia News, Weather, Sports

Delays expected for some early tax filers

January 9, 2008

Albany--If you're looking forward to filing your taxes soon so you can get a fast refund, you may be out of luck.

That's because shortly before the holidays Congress approved a long-expected "patch" for the alternative minimum tax.

The fix came so late in the year that the IRS didn't have time to update all its tax forms to accommodate the change before this year's filing season.

The IRS expects that about 13.5 million taxpayers will be affected by the delay. If you are affected, that means you won't be able to file your return until February 11th.

Those affected by the alternative minimum tax include parents who claim write-offs for paying college tuition or day-care expenses.

The recently approved patch increases the AMT exemption, which is basically a standard deduction for taxpayers hit by the alternative minimum tax.

Because it typically takes 10 days to six weeks to get a refund, that means taxpayers affected by the AMT probably won't get their refunds until late February or March.

"I need that check to pay bills and stuff. We all need our checks," says one taxpayer.

"If you wanted to go ahead and file without the credits then you could do so, and then you could file an amended return when the forms are available," says a tax preparer with H&R Block.

The delay will impact taxpayers filing any of the forms pertaining to education credits, residential energy credits, child and dependent care expenses credits, and mortgage interest credits.

Had Congress not made any changes at all to the AMT, the tax would have knocked out a lot of exemptions, deductions, and credits for many taxpayers.

The AMT was designed to keep wealthy taxpayers from using loopholes to avoid paying taxes. But because it's not regularly updated for inflation, as was the case recently, more middle-class taxpayers were getting hit with the tax.

 

  • More WALB News10 HeadlinesMore News HeadlinesMore>>

  • The Latest: Irma weakens into a tropical depression

    The Latest: Irma weakens into a tropical depression

    Monday, September 11 2017 3:27 AM EDT2017-09-11 07:27:29 GMT
    Tuesday, September 12 2017 2:42 AM EDT2017-09-12 06:42:09 GMT
    Irma weakened to a Category 1 storm as the massive hurricane zeroed in on the Tampa Bay region early Monday after hammering much of Florida with roof-ripping winds, gushing floodwaters and widespread power outages.More >>
    Irma weakened to a Category 1 storm as the massive hurricane zeroed in on the Tampa Bay region early Monday after hammering much of Florida with roof-ripping winds, gushing floodwaters and widespread power outages.More >>
  • UPDATE: Two dead in early morning Lee fire

    UPDATE: Two dead in early morning Lee fire

    Friday, September 22 2017 11:27 AM EDT2017-09-22 15:27:51 GMT
    One person was in the yard, and two were inside (Source: WALB)One person was in the yard, and two were inside (Source: WALB)

    Lee County Fire Chief David Forrester said there were two people in the home, and they saw one person in the front yard.  Two people in the home were transported to Phoebe Putney.

    More >>

    Lee County Fire Chief David Forrester said there were two people in the home, and they saw one person in the front yard.  Two people in the home were transported to Phoebe Putney.

    More >>
  • President Carter to be honored at GSW Presidential Plaza dedication

    President Carter to be honored at GSW Presidential Plaza dedication

    Friday, September 22 2017 11:26 AM EDT2017-09-22 15:26:12 GMT

    Dedication of Georgia Southwestern State University's "Presidential Plaza"  is scheduled for 11:00 a.m. at the Wheatley Administration Building Lawn, on the Georgia Southwestern State campus in Americus. This new area on campus serves as the centerpiece to the University's signature entrance.  The west or front side of the plaza features a set of planted hedges that spell "GSW." The east or plaza side includes a mounted hand signature in cement from Pre...

    More >>

    Dedication of Georgia Southwestern State University's "Presidential Plaza"  is scheduled for 11:00 a.m. at the Wheatley Administration Building Lawn, on the Georgia Southwestern State campus in Americus. This new area on campus serves as the centerpiece to the University's signature entrance.  The west or front side of the plaza features a set of planted hedges that spell "GSW." The east or plaza side includes a mounted hand signature in cement from Pre...

    More >>
Powered by Frankly