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H&R Block, Inc. Message Board

  • patricka5 patricka5 Dec 14, 2012 9:57 AM Flag

    2012 AMT

    My latest JK Lasser newsletter had an interesting article on the effect on 2012 tax returns if the AMT patch happens after the first of the year.

    Per the article: "The IRS has warned Congressional tax writers that if an AMT exemption patch and extension of the tax credit offset rule is not enacted by the end of the year, the tax filing season will be delayed several months for about half of all taxpayers."

    Interesting. Seems the IRS would have to reprogram the the computers back to 1998 if the patch isn't done by the beginning of the year and then reprogram them back if a patch is enacted. At the very earliest the IRS estimates that people affected wouldn't be able to file a return until the end of March, or later.

    I'm sure our Congress wouldn't let that happen :)

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    • This will be a very interesting tax season. I predict the GOP will include a 2012 AMT patch in a package of what they will agree to on taxes and spending. More than likely the Dims. will not agree and it will be in limbo and then for sure they will ...........................................................................

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