If 2008 is the first year you've thought about filing your taxes on the early side, you might have picked the wrong year to be proactive. For most people, the IRS will begin processing tax returns in mid-January as usual. But, if you're someone that plans to file any of these five AMT-related forms, you'll have to wait until February to file your tax returns.
- Form 8863, Education Credits
- Form 5695, Residential Energy Credits
- Schedule 2, Child and Dependent Care Expenses for Form 1040A filers
- Form 8396, Mortgage Interest Credit
- Form 8859, District of Columbia First-Time Homebuyer Credit
If you don't recognize any of these forms, than proceed filing your taxes early and pat yourself on the back for being on top of your game. The reason for the delay is the enactment of the alternative minimum tax "patch," and the IRS needs time to update its systems to reflect the policy changes. The patch affects about three million people; are you one of them?