Filing before Feb 11

Discussion in 'Budget Board' started by T. Lynn, Jan 20, 2008.

  1. T. Lynn

    T. Lynn ...livin' and learnin' - simplified my life :-)

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    What forms are being updated that people need to wait? I file the regular 1040 form and Schedule A & C.

    Someone thought child care items. I have one child but can't take child care deductions due to my self-employment jobs being at a loss for this year. I'll just get the regular child credit (1,000).

    Is there a link to who this may affect?
     
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  3. becca011906

    becca011906 DIS Veteran

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    Subbing b/c i'm looking for the same info and can't find it anywhere as to why we are having to wait.... we don't use child care credit b/c i too work from home but we do get child tax credits but i think DH was filling a 1040 A ...
     
  4. dcfromva

    dcfromva <a href="http://www.wdwinfo.com/dis-sponsor/index.

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    Link to IRS web site
    From above linkK
    "Returns that include the following forms should not be filed until Feb. 11, 2008:
    * Form 8863, Education Credits.
    * Form 5695, Residential Energy Credits.
    * Schedule 2, Form 1040A, Child and Dependent Care Expenses for Form 1040A Filers.
    * Form 8396, Mortgage Interest Credit.
    * Form 8859, District of Columbia First-Time Homebuyer Credit.

    If returns with these forms are e-filed before Feb. 11, they will not be accepted."


    Eyewitness news IRS Answers Questions Regarding the Current Tax Filing Delays

    USAToday Late tax law change may delay filing, but you can trim wait
     
  5. Disneyoverload42

    Disneyoverload42 Mouseketeer

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    from the irs page:

    These could result in AMT which is why you want to wait
     
  6. Disneyoverload42

    Disneyoverload42 Mouseketeer

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    :lmao: I'm too slow
     
  7. becca011906

    becca011906 DIS Veteran

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    Thanks so much for these links....
    we are claiming mortgage since we just bough a new home last year, as well as Energy credit since we put a heat pump in our new home too....

    that kinda sucks reading this

    "Additional Information on the Alternative Minimum Tax

    What is the AMT? The AMT came into being with the Tax Reform Act of 1969. Its purpose was to target a small number of high-income taxpayers who could claim so many deductions they owed little or no income tax. A growing number of middle-income taxpayers are discovering they are subject to the AMT."

    We aren't high income taxpayers .... we re the middle incomers are are being effectived.
    I just wonder if there is any hope of getting the refund back in 5 weeks...
     
  8. T. Lynn

    T. Lynn ...livin' and learnin' - simplified my life :-)

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    If I don't use any of these forms, I should be able to file already?
     
  9. Disneyoverload42

    Disneyoverload42 Mouseketeer

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    my understanding is that is where the updates are coming in - was that too many middle class people were going to be affected so at the last minute they approved changes that would exempt them... For example I figured my taxes based off our last paychecks of the year and we were going to owe over 2000 in AMT - but now refiguring based off the changes, we won't.
     
  10. dcfromva

    dcfromva <a href="http://www.wdwinfo.com/dis-sponsor/index.

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    That is what the IRS web site seems to be saying...
     
  11. bdcp

    bdcp DIS Veteran

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    When the AMT was originally set up, it was for the top income earners and not the middle or even upper middle class, but the truly wealthy. Now, way too many families have fallen under it because it was never adjusted over the years. It's something that should have been fixed years ago, but for some reason, it wasn't.

    We've been holding off on doing our taxes until the updates are available (and we get the rest of our W-2's and other forms). We use Turbo Tax and get our refunds within 3-4 weeks at the most. We really prefer to not get any refund, but to break even, but that is very hard to figure out since there are changes every year.
     
  12. Schachteles

    Schachteles DIS Veteran

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    So this topic is yet another one with taxes that has me confused.

    Will the "average" American owe MORE money or less? Right now I have my taxes done in TurboTax and I don't even know how to check and see if these forms are going to effect us. Can anyone tell me how to know for sure?

    I am just trying to figure out if I should expect my taxes as the stand right now in the TT program to stay the same? owe more? or owe less?? :confused3

    I with that the government would get their acts together so we didn't have to sit here waiting for forms to come available when we should be able to be filing.
     
  13. dcfromva

    dcfromva <a href="http://www.wdwinfo.com/dis-sponsor/index.

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    If you open TurboTax and can open your tax return, you can see which forms are filled in. One of the drop down menus at the top will be "Forms" . You can select "Show my Return" and you can see which forms are filled in.

    The IRS web page seems to indicate that this delay will not impact the overwhelming majority of tax payers, so maybe you will be alright?
     
  14. Disneyoverload42

    Disneyoverload42 Mouseketeer

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    From the turbotax page:

    So it looks like you can file, they just won't process until after the 11th - there is a calculator thingy on their page to see how much of a delay you are facing...

    Good luck (I won't even get my w2s until February :sad1:
     
  15. T. Lynn

    T. Lynn ...livin' and learnin' - simplified my life :-)

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    I don't use any of those forms so it looks like I can file as soon as I get our 2 W2's. Hope they come soon so I can file now.
     
  16. Schachteles

    Schachteles DIS Veteran

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    I am not totally seeing what you are talking about, but when I pull up the View Tax Summary it does say "You must use Form 1040 because you had taxable state or local income tax refunds." so I am assuming that means that I am safe for ONE...not sure about the mortgage one.
     
  17. becca011906

    becca011906 DIS Veteran

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    well we were able to file but leave off our energy credit for the heat pump we put in... it was about an extra $300 or something so we'll file an amendum or whatever it is later and it will probably take a long while to get the $300 but i'd much rather get most of refund then take $$ out of savings/emergancy fund OR have to open a line of credit (we currently have no CC dept or cards so we'd have to get one! LOL) to pay for vacation. Oh well atleast we'll have the cash!
     
  18. annsteere

    annsteere DIS Veteran

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    If I buy Turbo Tax today, it was designed before the changes were made. How will the Turbo Tax software help me deal with this? Do I need to wait a month and then get an updated version of the software??
     
  19. branv

    branv <font color=blue>The safety feature in my parents

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    Everytime I open the program, my turbo tax uses my internet connection to check for and install available updates.

    **My own question: I installed turbo tax yesterday and did a tentative tax return (still waiting for the formal W-2, went off paycheck). I had education credits and mortgage interest, which I entered. At the end of entering all the numbers, it said I was not affected by AMT, and I'd be getting a nice chunk of change back. I understand that they will not let me file until Feb, regardless, but will these new forms possibly change my return amount? Verah' Verah' confused. ;)
     
  20. steph-in-ky

    steph-in-ky Lifestyle photographer

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    I don't think the forms will change your return. Also a note to some who might not know this but if the only deduction you have is mortgage interest and that interest does not total more than your standard tax deduction you really don't need to wait around to file because that deduction is not going to change your refund as you will claim the standard deduction anyways.
     

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