Expect Tax Refund Delays

Mortgage and Lending with Prospect Mortgage
In late December 2007, Congress decided to freeze the expansion of the Alternative Minimum Tax (AMT), an outdated tax law from 1969. While this was great news for some 25 million tax payers, the late date of this congressional action will reportedly create major delays in the processing of tax returns and, more importantly, refund checks.

As you might expect, the IRS had already prepared its tax packages and computer programs to reflect the 2007 tax year by the time Congress made its decision. Because of this, the IRS has said that it cannot process certain AMT-related tax forms until February 11, 2008, which could result in an estimated 13.5 million refund delays. The forms are:
  • 8863, Education Credits
  • 5695, Residential Energy Credits
  • 1040A’s Schedule 2: Child and Dependent Care Expenses
  • 8396, Mortgage Interest Credit
  • 8859, District of Columbia First-Time Homebuyer Credit.

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