Update - Tax situation

[LdiJ]

What is the name of your state? NA

Again, this normally wouldn't be the right forum for this, but it effects everyone here.

I thought I would post an update to my earlier discussion about AMT and the 2008 tax filing season.

Congress finally passed a bill at 4:19 PM today. Therefore the 23 million families that were going to be affected by AMT this year will NOT be affected.

However, the issue of whether or not the tax season will be delayed, has not yet been decided. The IRS is stating that they have not yet decided if they will delay the tax season for ALL taxpayers, or only for those taxpayers who would have been affected by AMT if a bill had not been passed. Normally the filing season would start on January 11th, but it will have to be pushed pack for at least some of the taxpayers to sometime in mid february.

Therefore, single or head of household taxpayers with income above 33,000 and married couples with income above 45,000 may have a delay in being able to file their tax returns.

I am danged glad to see this pass guys and gals. Just to give you one example of how bad it could have been for some taxpayers:

Married couple with 4 children
Combined income of 75,000
6000.00 in child care expenses
Itemized deductions of 26,000

Tax with the AMT bill passed: 2311.00
Tax without the AMT bill passed: 7800.00

So, let all be really really glad that Congress got up off their butts and got this done, and hope that the IRS gets off theirs and at least lets the people who wouldn't have been effected at all to start filing on January 11.

[casa]

Originally Posted by LdiJ

What is the name of your state? NA

Again, this normally wouldn't be the right forum for this, but it effects everyone here.

I thought I would post an update to my earlier discussion about AMT and the 2008 tax filing season.

Congress finally passed a bill at 4:19 PM today. Therefore the 23 million families that were going to be affected by AMT this year will NOT be affected.

However, the issue of whether or not the tax season will be delayed, has not yet been decided. The IRS is stating that they have not yet decided if they will delay the tax season for ALL taxpayers, or only for those taxpayers who would have been affected by AMT if a bill had not been passed. Normally the filing season would start on January 11th, but it will have to be pushed pack for at least some of the taxpayers to sometime in mid february.

Therefore, single or head of household taxpayers with income above 33,000 and married couples with income above 45,000 may have a delay in being able to file their tax returns.

I am danged glad to see this pass guys and gals. Just to give you one example of how bad it could have been for some taxpayers:

Married couple with 4 children
Combined income of 75,000
6000.00 in child care expenses
Itemized deductions of 26,000

Tax with the AMT bill passed: 2311.00
Tax without the AMT bill passed: 7800.00

So, let all be really really glad that Congress got up off their butts and got this done, and hope that the IRS gets off theirs and at least lets the people who wouldn't have been effected at all to start filing on January 11.

Thanks for the heads up LdiJ.

[wileybunch]

Have been looking forward to this resolution. Thanks for posting.

[CJane]

Well, that saves me the PM I was typing. Thank you.

[special mom]

This is such good news! Thanks for the update. As someone with over 10,000 in medical deductions; I'll sleep better!

SM

[Ohiogal]

Originally Posted by casa

Thanks for the heads up LdiJ.

IO concur. 100$ percent dear. And yes I use the word "dear" because some who are familiar with us seem to think thta Ld and I don't like each other and that is NOT true! Anywayl.. thanks as Casa stated!

[CJane]

Originally Posted by Ohiogal

IO concur. 100$ percent dear. And yes I use the word "dear" because some who are familiar with us seem to think thta Ld and I don't like each other and that is NOT true! Anywayl.. thanks as Casa stated!

OMG... OG is either possessed again, or channeling Jaxpink!

LMAO

[Bloopy]

Thanks for the update!

The amount of a return is important so I’m sure glad this went though. Counting on money that will be delayed is pretty scary for a lot of people.

[TinkerBelleLuvr]

Hey, I thought I was off the hook on the delay in tax filings since I make so little money. Ha! My daughter and I got nailed by two of these forms.

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 forms will have to wait until February to file their taxes, the agency said. The IRS will begin processing those forms on Feb. 11, and the first refunds for those people will start going out 10 to 14 days later.

For the full article:
http://www.mlive.com/newsflash/index.ssf?/base/politics-14/1198782250323850.xml&storylist=topstories&thispage=1

[casa]

Originally Posted by Ohiogal

IO concur. 100$ percent dear. And yes I use the word "dear" because some who are familiar with us seem to think thta Ld and I don't like each other and that is NOT true! Anywayl.. thanks as Casa stated!

Ya know, people think that about myself & LdiJ sometimes...I think people assume too much. Especially in the legal arena, whose foundation is based upon sucessful arguments!

[LdiJ]

Originally Posted by casa

Ya know, people think that about myself & LdiJ sometimes...I think people assume too much. Especially in the legal arena, whose foundation is based upon sucessful arguments!

How totally true