can some one tell me y tax refunds are going to be very late this year ?

Answer 1

Not sure where you heard that they will be late. IRS always starts acceptiong e-files about mid-January and depending on whether or not you use one of the offered bank products you can get your money immediately, 1-2 days, 2 weeks or wait for it in the mail. This is no different than past years.

Answer 2

For the second year in a row, Congress left tax matters until late. Last year they made a number of changes in early December, so people affected by the changes could not file their returns until a couple weeks later than usual. This year they didn't deal with AMT, so it's possible that if you are affected by that you'll have to delay your filing. Or Congress might just leave things as they are, in which case many people would pay more taxes due to the AMT.

Answer 3

Because they have not yet settled the possible tax breaks that will be allowed for those that would now come under the AMT (alternative minimum tax) that was set up in 1969 for a select few back then but, now would include thousands more paying more tax. Congress went on their T-giving break before it was settled.

Answer 4

The kinks in the changes in this year's taxes have not been completely worked out. That means the forms and publications will be printed later than usual which will lead to the forms being mailed later.

Answer 5

My guess is that 1040EZ forms could be processed since they aren't affected by AMT calculations. If this is the case, anyone who would normally file a 1040EZ could go ahead and file. Everyone else has to wait.