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Author: TwoCybers Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121219  
Subject: AMT & TurboTax Timing ?? Date: 1/4/2008 10:09 AM
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I plan to continue doing my taxes with TurboTax this year, but Congress was a bit slow on dealing with the AMT issue and I do get to deal with the AMT.

Is there any reason to entering data into Turbo Tax and filing until the IRS gets all this AMT stuff settled?

My thinking is I will not know what I own until a TurboTax update is available and that little item probably will have to wait on the IRS - but I may be all wrong.

Thanks and have a nice day.

Gordon
Atlanta
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Author: Wradical Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 97619 of 121219
Subject: Re: AMT & TurboTax Timing ?? Date: 1/4/2008 10:19 AM
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Is there any reason to entering data into Turbo Tax and filing until the IRS gets all this AMT stuff settled?
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It's a matter of your own convenience, as far as when your schedule permits. IRS won't accept AMT-affected returns until the 2nd week of Feb., as I understand it now.

But, based on past years' experience, you can buy and install the package now, enter your data, and do program updates online when they're available, without affecting the data entered.

I also think it's kind of a waste of time to do a lot until you have the bulk of your 1099s, which are probably also not going to be early. The best thing to be doing now is probably going through your check registers for contributions and other deductions.

And, of course, attending to your 4th qtr estimated payments, if needed.

Bill

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Author: vkg Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 97620 of 121219
Subject: Re: AMT & TurboTax Timing ?? Date: 1/4/2008 11:02 AM
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You won't know your federal tax liability until the TT updates are available, but your state return should be accurate.

The pending changes do not alter the data to be entered. It isn't a reason to delay entering data that is available.

Debra

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Author: WPatch Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 97640 of 121219
Subject: Re: AMT & TurboTax Timing ?? Date: 1/5/2008 11:29 AM
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There are only 6 Forms on the tax return that are currently causing extra delays because of the AMT snafu. One only affects the 1040A. (File the long form.) Forms 6251 and 8801, which calculate AMT and AMT tax credit respectively, are complete. The current big bugaboo, affecting millions of returns not paying AMT, is the Education Tax Credit.

Unless your AGI is low enough to qualify for this credit, or you qualify for the home energy tax credit, or one of the three other Forms in development, TurboTax should certainly be ready for electronic filing by Jan 20 or so, when IRS normally starts processing returns. You should be able to have enough of your return done by Jan 15, to make your final estimated tax payment for 2007.

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Author: WPatch Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 97652 of 121219
Subject: Re: AMT & TurboTax Timing ?? Date: 1/6/2008 1:01 AM
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Actually, there are only 5 Forms still causing delays in filing tax returns, expected to be resolved by Feb 11.

4 for Form 1040 filers
Education Credits
Residential Energy Credit
Mortgage Interest Credit
DC First Time Homeowner Credit

1 for Form 1040A
Sch 2 for Form 1040A Child and Dependent Care for Form 1040A

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