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Hope no one is counting on tax return money...

Posted by on Dec. 19, 2012 at 9:45 PM
  • 67 Replies
As many as 100 million taxpayers may be unable to file their returns until late March and would face refund delays if Congress fails to reach a fiscal cliff deal by Dec. 31 that includes an Alternative Minimum Tax fix.That's the latest estimate from the IRS, which would have to do some serious system reprogramming in the absence of an AMT provision.Here's the problem: Income exemption levels under the "wealth tax" -- as the AMT is known -- were never adjusted for inflation since it was enacted decades ago. So Congress has regularly passed an AMT "patch" to correct for that by raising the exemption levels.Except that lawmakers have so far failed to do so for 2012. And tax filing season begins in less than two weeks.Without a patch, $45,000 for joint filers and $33,750 for single taxpayers is exempt from the AMT. But adjusted for inflation, those levels would jump to $78,750 and $50,600 in 2012, according to bills in the House and Senate.CNN: Obama, Boehner remain at oddsNo AMT fix would mean "lengthy delays of tax refunds and unexpectedly higher taxes for many taxpayers, who will be unaware that they are newly subject to AMT liability," IRS Acting Director Steven Miller said in a letter to House and Senate tax writers on Wednesday.Without a patch, he estimates that close to 30 million additional taxpayers would have to pay the AMT.And, he added, "[I]f Congress were to act at some point next year to enact a new AMT patch, the time and substantial expense necessary for the IRS to reprogram its systems to reflect expiration of the patch would ultimately be wasted."The most aggravating thing about the situation: Both parties will agree to patch the AMT. The only question is when.
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by on Dec. 19, 2012 at 9:45 PM
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Replies (1-10):
MamaPeanut
by Kristy on Dec. 19, 2012 at 9:53 PM
So frustrating. :(
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GirlWSemiAuto
by on Dec. 19, 2012 at 11:08 PM
Lovely.
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FoxTales
by on Dec. 19, 2012 at 11:23 PM
2 moms liked this
Good thing I live in Canada... Sorry to hear that, though :/
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GremlinMom
by on Dec. 19, 2012 at 11:32 PM
1 mom liked this
So I'm not very sauvy with this stuff... Is there a cwrtain class or income range that will be effected? Or is it going to be random? I'd like to understand better so we can be better prepared for the delay or... Nothing at all? We are basically in the texas poverty level... I think lol
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PeaceMuch
by Kali on Dec. 20, 2012 at 12:39 AM
Yay. :/
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MichelleSw
by on Dec. 20, 2012 at 12:41 AM
Not I, but I know many do :(
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TexasWife
by on Dec. 20, 2012 at 12:57 AM

interesting....

mama2my2boys
by on Dec. 20, 2012 at 1:07 AM
3 moms liked this
i herd that the child tax credit would either be taken away or cut to only 2 kids and only being 800 insteatd of 3,000...i hope not im relying on my tax return to catch up on bills and service my cars, pay for car tages & dh ticket.....if its delayed or cut im F*****!
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Mami2oneboy
by on Dec. 20, 2012 at 1:09 AM
Dammit
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Mami2oneboy
by on Dec. 20, 2012 at 1:09 AM
Damn who gets 3000 per kid?!!

Quoting mama2my2boys:

i herd that the child tax credit would either be taken away or cut to only 2 kids and only being 800 insteatd of 3,000...i hope not im relying on my tax return to catch up on bills and service my cars, pay for car tages & dh ticket.....if its delayed or cut im F*****!
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