If the IRS sent you a Form 1040 package during this first week of January, you probably have the wrong forms.
The Alternative Minimum Tax last minute law change (called the AMT Patch) has not been reflected on the forms. Read on to see which forms are wrong, and what you can do about it. By the way, it is up to YOU, the taxpayer, to make sure the right forms are used. The IRS is not going to send you corrected copies. And, if you do it wrong, I’m sure you’ll be the one paying the penalty.
The incorrect forms sent out by the IRS are:
- Form 8863, Education Credits;
- Form 5965, Residential Energy Credits;
- Form 8396, Mortgage Interest Credit;
- Form 8859, District of Columbia First-Time Homebuyer Credit; and
- Schedule 2, Child and Dependent Care Expenses for Form 1040A Filers.
You can get correct versions of the forms from the IRS website, www.irs.gov or by calling the IRS at 800.829.3676.
Please email this article to anyone you know who may claim education credits, residential energy credits, owns real estate, has child and dependent care expenses or lives in the District of Columbia. (That’s a lot, I know) These are all the people who have the wrong forms and it’s up them to correct them or face IRS penalties. The IRS estimates that 13,500,000 taxpayers have received the wrong packages.