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Financial Planning / Tax Strategies
|Subject: Re: Deducting state income tax||Date: 12/16/2006 5:38 PM|
|Author: TMFPMarti||Number: 90035 of 121798|
Also be aware that IRS has already printed all the tax forms and they don't include the sales tax deduction. It will be, by their estimate, 6 weeks before they get revisions ready.
They've already announced that they will not revise the forms. They will come out with instructions shortly and plan a publicity blitz so people know what to do. Commercial software programs will be revised, but they have to then be tested and approved, so don't expect those to be ready January 1.
I've already seen people making up instructions, such as "use the 2005 Schedule A," in some forums. Please, folks, wait for the IRS. Something someone gins up might work, but it also might cause a whole lot of processing delays.
It shouldn't be long because this isn't IRS's first time at this rodeo. In my day the OK to print deadline was mid-September, but Congress has made later changes before. I suspect that IRS had everything figured out in advance and is waiting for the bill to be signed.
They also need to make sure that Congress didn't slip something into it that they weren't expecting. There's an article in today's Washington Post about a couple of provisions nobody knew about that sneaked through in the chaotic last days of this Congress.
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