Announcement

Collapse
No announcement yet.

Two Questions

Collapse
X
Collapse
 
  • Page of 1
  • Filter
  • Time
  • Show
Clear All
new posts
Previous template Next
    #1

    Two Questions

    First, the latest IRS Press Release seems to indicate that they think they will be ready to go at the original goal time of 1/11. I have also been told by a person whose knowledge I respect that soon after the November press release in which the IRS asked Congress to hurry with the AMT patch, they were told what would eventually pass and instructed to assume that it would. So I wonder what people on this board think the IRS will be ready to process returns.

    Second, I have seen the update to the TTB for 08 and it doesn't seem to address two credits that I had thought were going to expire if not renewed. They are the Child Tax Credit and the Dependent Care Credit. Can anyone tell me whether these will be available for 07 returns?
    Tags: None
    #2
    I am assuming that since the patch was put in place, they will not expire now. I had thought it was all tied together, AMT, Child Tax Credit, Depend. Care Benefits, etc., but I'm not 100% sure.

    Comment

      #3
      Originally posted by erchess View Post
      Second, I have seen the update to the TTB for 08 and it doesn't seem to address two credits that I had thought were going to expire if not renewed. They are the Child Tax Credit and the Dependent Care Credit. Can anyone tell me whether these will be available for 07 returns?
      The Expiring Tax Provisions chart on page 1-6 of the 2006 tax year TTB shows the Child Tax Credit dropping back to $500 after 2010, and the dependent care credit dropping back down to its old $2,400 and $3,000 rates after 2010.

      The new law did not address these two credits, so those dates still stand.

      If you were asking about these credits being used to offset AMT, the What’s New Supplement in the first column under personal credits and AMT says the Child tax credit is a permanent offset against AMT. The dependent care credit is one of the nonrefundable personal credits that is allowed against AMT through 2007, but not in 2008, unless extended again next year by Congress.

      Comment

        #4
        Thank you

        Guys. I appreciate the help. Best wishes to both of you for profitable tax seasons.

        I would still like anyone's best guess as to when we will be able to file returns.

        Comment

        Previous template Next

        Disclaimer

        Collapse

        This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.

        Working...
        X