Internal Revenue Service Informative - FYI - What to expect
I've processed about 25 returns so far and received the following message this morning:
A valid return has been received for this taxpayer, and the return is currently being processed. As a general rule, it typically takes from 24-48 hours to receive feedback on the status of a particular return.
Due to Recent Tax Law changes, the IRS will not be able to process your tax return (paper or efile) until February 11, 2008. This is due to the fact that you are claiming one of the following Alternative Minimum Tax (AMT) credits:
Form 5695 - Residential Energy Credits
Form 8396 - Mortgage Interest Credit
Form 8863 - Education Credits
Once the IRS begins processing these returns, we will submit your return automatically. Please do not submit your electronically-filed return to us a second time.
Soooooo, if you're filing anytime BEFORE the 11th of February AND you claim any of the above, your return will be held until the 11th. It caught me by surprise as I just received 7 acceptance emails and 13 emails with this message. Nice of my tax program to tell me before I filed for them. Thanks TaxAct Professional.