More Than Accounting

Congressional tax changes in 2007

Posted by Rhonda Spaulding on December 30, 2007

Well, Congress has been busy doing.. well.. nothing much. They did finally pass a patch that will keep 200,000 Hoosiers from being hit with the Alternative Minimum Tax this year. The last minute change will cause filing delays or refund delays for some but only those who are claiming any of the following credits.

  • Form 8863, Education Credits.
  • Form 5695, Residential Energy Credits.
  • Form 1040A’s Schedule 2, Child and Dependent Care Expenses for For 1040A Filers.
  • Form 8396, Mortgage Interest Credit.
  • Form 8859, District of Columbia First-Time Homebuyer Credit.

If you file the AMT form, you can still file electronically starting January 14. Those claiming the previous credits should be able to send completed returns to the IRS by February 11. Taxpayers who are unsure if they are impacted by the AMT should seek the advice of their tax preparer.

Finally, here is the Indianapolis Star’s summary of what Congress did and did not do in 2007 for Hoosier’s. I could add my own commentary, but I will save that for another day!

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