Extension
Connection
Extension
Connection
Tax Returns
Dr. Rebecca Travnichek, Family Financial Education
Specialist
According to Andrew Zumwalt, Extension Associate with University of Missouri Extension, some early tax-filers may have to wait a few extra weeks for their refunds. The delay is due to the Alternative Minimum Tax (AMT) legislation enacted in December 2007.
Most tax filers will not be affected by AMT legislation. The delays in processing and refunds will be experienced only by those individuals and families who include tax forms related to Education Credits, Residential Energy Credits, Mortgage Interest Credit, Child and Dependent Care Expenses for Form 1040A Filers, and the District of Columbia First-Time Homebuyer Credit with their 2007 individual income tax return:
If you are filing using one of the five affected forms, Mr. Zumwalt indicates “you won't be able to send your return to the IRS for a few weeks until the IRS computers are reprogrammed for the late tax law change. The IRS expects to be ready for these returns by February 11th.”
Filing electronically is the best option for everyone, including people impacted by the AMT changes. Whether or not your return claims an AMT related credit, filing electronically results in faster refunds and fewer errors. When you e-file combined with direct deposit you can expect your refund in as little as 10 days. Refunds from paper returns typically take four to six weeks.
If you desire further information on this or any other topic contact your local University of Missouri Extension office. University of Missouri Extension programs are open to all.
(Written February 8, 2007)
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Extension Connection Barb Ubben, Web Manager harrisonco@missouri.edu Last revised: 05/25/04 |