filing 2007 tax returns?

Question

I just want to make sure I understand everything regarding the AMT. You can file/get refund in mid Jan. if you DON'T use one of the following 5 forms (Education Credits, Residential Energy Credits, Child and Dependent Care Expenses for Form 1040A Filers, Mortgage Interest Credit, District of Columbia First-Time Homebuyer Credit). If you DO use one of those, they expect to be able to process those around Feb. 11.

Am I correct?

Regarding the child care expense, is that the form for when you pay for child care (day care) and can get reimbursed some of it?

I normally do my taxes on the first day they accept them, but since I have 2 children in daycare, I think this means I have to wait......right?

Answer 1

Your understanding is correct. The IRS has the programming already corrected for the rest of the forms for the last-minute changes that Congress made.

As to the child care, it only affects people filing a 1040A. You could get around that by filing a form 1040, which you could file as soon as you have all your info, or efile on 1/14. So no, you don't really have to wait - just be sure to use the 1040 and not the 1040A form. If you are allowed to use 1040A then you can use 1040, there will just be more lines on the form with nothing entered onto them.

Answer 2

You are correct. If you need money then go ahead and file. Then amend your taxes later.

Answer 3

here you go:

http://www.irs.gov/newsroom/article/0,,id=176605,00.html

Answer 4

If you wish to file a 1040A, you wait.
If you file a 1040, you can file in January.

The 1040A uses schedule 2 (on the delay list).
The 1040 uses form 2441 (not on the delay list).