If the AMT tax patch is delayed, they say possible 10 weeks delay - but 10 weeks from what date? April 15?

Question

Not exactly sure what they mean by the 10 weeks delay?

10 weeks from April 15 deadline? Then as long as I file well before that April 15 deadline I might be able to get it soon (the normal 3-4 weeks) after filing?

Answer 1

unless you owe the AMT you could probably file sometime soon after Jan 15.
The IRS does not plan to extend the deadline past Apr 15, but if you need more time you can file an extension request, pay what you think you will owe (if any) and get an extension until Oct 15.
Most people do not owe the AMT. It affects mostly higher-income taxpayers, but I have one client who makes about $3 million a year and never owes any AMT.

Answer 2

IRS representatives said on Tuesday that they don't intend to extend the April 15 deadline, but also that they would not accept any e-files or process any paper returns until their software was all ready to go.
They said the expected processing delay was 7-8 weeks after the legislation is signed.
However, I would not take all that as final.
Most tax software suppliers are advising their clients to go ahead and input returns using the early software, but leave them in an "incomplete" status. When the revised software is loaded it will generate a correct return which will be ready to e-file as soon as the IRS allows.

Answer 3

Probably wouldn't change the April 15 deadline, but you might not be able to file until sometime in March if you're affected.