Will My Refund Be Delayed?
The IRS announced there will be no delay to the start of the filing season, and most tax filers will receive their refunds without delay. However, while the IRS updates its systems, refunds will be delayed for customers with one or more of the following credits:
* Education Credits
* Residential Energy Credits
* Mortgage Interest Credit (very uncommon)
* District of Columbia First-Time Homebuyer Credit (very uncommon)
The IRS will start issuing refunds for those filers beginning February 11th. To find out whether your refund will be delayed, use this free calculator.
If you are affected, don't worry. TurboTax will make it easy to complete your taxes and get your refund as early as possible. In fact, TurboTax will give you the option to get a portion of your refund without delay and will prepare the paperwork to get the remainder 6-12 weeks after the IRS receives it.
Will I Be Affected by the AMT (Alternative Minimum Tax)?
If you didn't pay the AMT last year, you likely won't this year (assuming your tax income has not significantly increased). If you're unsure, TurboTax will walk you through step-by-step to see if you're affected. What is the AMT?
What Should I Do Next?
If you're using TurboTax, you don't need to do anything additional to prepare this year. Both our online and desktop products have been designed to accommodate any changes in the tax law, including the AMT legislation. Do your taxes anytime with TurboTax, and we'll take care of the rest.