Whatever happened to the AMT "Adjustment" promised by congress. What are the AMT rules for filing 2007 1041?

"Angelo Campanella" wrote

Maybe. Maybe not. Ask TurboTax if you're curious.

I do know that the IRS isn't processing certain returns that contain certain forms or schedules that haven't been changed yet. So even if TT and all the other OTC software was 100% accurate and up-to-date. The IRS isn't. And donchaknow, they are the ones who count the most.

They claim they'll be able to process those forms by February 11th.

Yes, at the last minute Congress increased the AMT Exemption to $66,250 MFJ for 2007 but left it reduced for 2008.. TT should have this number in their latest revision,.

ed

Our VITA (Volunteer Income Tax Assistance) site is not opening until the third week of February so the TaxWise software can reflect the AMT change, whatever it is. Although in 14 seasons, I must say I've never seen a single VITA client trigger AMT.

-Crystal

True.

But until after February 11, the IRS will not accept five forms, such as the Hope and Lifetime Learning Credits and the home energy credit.

Why? AMT Fallout.

Tomorrow or Tueday 2/12/08 those forms, which I have seen in VITA, should be accepted.

Posted by Taxwise:

AMT Forms begin filing Feb 11th in 6pm drain

updated Feb 8-- AMT Forms begin filing 2-11-08 in the 6pm drain

The following five forms can be filed after the 11am drain on Feb

Form 8863, Education Credits

Form 5695, Residential Energy Credits

Form 1040A's Sch 2, child and Dependent Care Expenses for Form

Form 8396, Mortgage Interest Credit

Form 8859, District of Columbia 1st Time Homebuyer Credit.

The expected increase in volume may result in 11 to 12 hour delays for acks, particularly during the first week that you transmit the AMT impacted tax returns.

Yes, TurboTax is up to date.

The best places to get answers to questions about TurboTax are the TurboTax support site at