IRS Begins To Receive Returns From 13.5 Million Taxpayers Claiming Five Credits Who Were On Hold To File Due to Late-Breaking Legislation
PARSIPPANY, N.J., Feb. 8 // PRNewswire-FirstCall // -- This tax season, an estimated 13.5 million taxpayers* are awaiting Monday, February 11 as the date that the Internal Revenue Service (IRS) begins accepting their 2007 individual income tax returns. Taxpayers affected are those who claim five specific credits, which were altered by changes from the one year Alternative Minimum Tax patch signed into law in December 2007. The credits are as follows:
-- Form 8863, Education Credits
-- Form 5695, Residential Energy Credits
-- Form 1040A's Schedule 2, Child and Dependent Care Expenses for Form 1040A Filers
-- Form 8396, Mortgage Interest Credit
-- Form 8859, District of Columbia First-Time Homebuyer Credit
"The February 11 start date for these 13.5 million taxpayers is quickly approaching, and nearly all taxpayers have their Form W-2 wage statements in hand since employers were required to mail these by January 31. This means that all taxpayers are now able to have their 2007 tax return prepared and filed," said Mark Steber, vice president of Tax Resources at Jackson Hewitt Tax Service. "Because of the confusion surrounding the AMT and the last- minute patch, many people are eager to have their return prepared and electronically filed (IRS e-file), especially if they are expecting a refund."
Jackson Hewitt offices are open nationally to serve taxpayers and to help those claiming these credits verify qualification and file accurately. More information, including a list of the most commonly overlooked deductions and credits and updates on recent tax changes, can be accessed by going to http://www.jacksonhewitt.com.
* IR-2007-209, Dec. 27, 2007
About Jackson Hewitt Tax Service Inc.
Jackson Hewitt Tax Service Inc. (NYSE: JTX) is an industry leader providing full service individual federal and state income tax preparation. Most offices are independently owned and operated. The Company is based in Parsippany, New Jersey. More information may be obtained at http://www.jacksonhewitt.com. To locate the Jackson Hewitt Tax Service office nearest to you, call 1-800-234-1040.
SOURCE Jackson Hewitt Tax Service Inc.