- Joined
- Aug 31, 2007
- Messages
- 780
Rep Bank
$865
$865
User Power: 25%
The IRS sent out approximately 13.5 million incorrect Form 1040 tax packages the first week in January.
There are 5 forms that are incorrect because of the last minute AMT patch. The 5 forms are Form 8863, Education Credits; Form 5695, Residential Energy Credits; Form 8396, Mortgage Interest Credit; Form 8859, District of Columbia First-Time Homebuyer Credit; or Schedule 2, Child and Dependent Care Expenses for Form 1040A Filers.
It is up to YOU to get the right form. If you file with the wrong one, you will be responsible for penalties.
Also, if you use any of those 5 forms, you cannot file electronically until mid-February. If you attempt to file, it may look like the IRS accepted your return, but it did not. It is up to you to file mid-February when the IRS has corrected their computer (of course, they may or may not tell you when that is.)
In other words, the IRS is saying "we goofed and if you rely on our bad information, incorrect forms, or faulty programming you are at fault"
Whew! Watch out guys - this year is going to be a tricky one.
There are 5 forms that are incorrect because of the last minute AMT patch. The 5 forms are Form 8863, Education Credits; Form 5695, Residential Energy Credits; Form 8396, Mortgage Interest Credit; Form 8859, District of Columbia First-Time Homebuyer Credit; or Schedule 2, Child and Dependent Care Expenses for Form 1040A Filers.
It is up to YOU to get the right form. If you file with the wrong one, you will be responsible for penalties.
Also, if you use any of those 5 forms, you cannot file electronically until mid-February. If you attempt to file, it may look like the IRS accepted your return, but it did not. It is up to you to file mid-February when the IRS has corrected their computer (of course, they may or may not tell you when that is.)
In other words, the IRS is saying "we goofed and if you rely on our bad information, incorrect forms, or faulty programming you are at fault"
Whew! Watch out guys - this year is going to be a tricky one.
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
