AMT credit carryover claimed on 08 return
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Have client with large Fed refund due mainly to AMT credit carryover attributable to recent law change allowing credits to be claimed half in 08 and half in 09, without the usual limitations. Has anyone heard of IRS having problems processing such returns or denying refunds ? Return was filed in mid March.
Answer
Form 9325 is a start. I give this to my Customers who E file. (Which is most of my customers.)
"If You Need to Ask About Your Refund.
The IRS notifies your Electronic Return Originator (ERO) when your return is accepted, usually within 48 hours. If your return was not accepted the IRS notifies your ERO of the reasons for the rejection. If it has been more than three weeks since the IRS accepted your return and you have not received your refund, go to WWW.irs.gov and click on "Where's My Refund" to view your refund status. Exception; If Box 3 above is checked please allow 4 to 6 weeks for processing of your return. A notice will be sent to you advising of changes to your return.
Also, you can TeleTax line at 1-800-829-4477, for automated refund information. You should have available the first social security number shown on your return, your filing status, and the exact amount of your refund. TeleTax gives you the date for mailing or depositing your refund. You should receive your refund check within 30 days of the date given by TeleTax, or within one week of that date if you chose direct deposit. If you do not receive it by then, or if TeleTax does not give your refund information, call the Refund Hotlineat 1-800-829-1954."
I read this to mean call the IRS Refund Hotline1-800-829-1954 if you want to find out more about the delayed refund, after following their advice.
Answer
contrary to Mr. pererhawaii; I realize the question you are asking and in all honesty the IRS this filing season has had problems with the numerous tax law changes and proposed changes. I would obtain a copy of the applicable law and legisation that provides the rule and send it to the tax advocate service which you have allready sent them the Form 8801. I have not dealt with this situation directly but have other situations with new legislation that I have had to deal withthe advocate office for 2008 and 2009
Comment
I concur and have already forwarded a copy of a CCH narrative on the subject as well as a copy of the text of the law itself (Economic Stabilization Act of 2008) to my client to send to the Advocate's office. Hopefully it will help. Thanks for your comment.
Comment
I gave you the starting step per the IRS, "if you need to ask about a refund per the IRS", as your submission only showed the return was filed in mid March. I am sorry I didn't know you had gone far beyond that step
Comment
No problem, my clients been working on this more than I have. I just occurred to me that by now some others out there may be in the same boat. Thanks for your thoughts.
Comment
Understand, but receipt of return is not an issue. Seems Service is in denial that such refunds are allowable, at least that's what my client has indicated who has had several up to now unsuccessful discussions with IRS reps regarding status. Currently has been referred to, and is having his case worked by Taxpayer Advocate who also seems profoundly ignorant of the law change permitting such refunds. Return was e-filed and the latest is that Advocate asked to have a copy of the 8801 Form faxed in so they could forward to appropriate IRS personnel who will can review. Up to now, IRS has not denied the refund, allowed the remaining refund (without the AMT credit) or indicated in writing any adjustment to the return or basis for a denial of the credit. Basically sounds like they are having a problem processing, recognizing validity of the credit or something. Just thought we cannot be unique, there must be others out there encountering the same thing.