As if figuring out the thousands of pages of tax code isn't confusing enough, this year's might be even more complicated. Millions of taxpayers could face delays in getting their refund checks for 2008. That's because congress has yet to pass a fix for the alternative minimum tax for next year. The AMT is a form of taxation that was created in 1969 to make sure that wealthy taxpayers didn't use loopholes to avoid paying their fare share of taxes. An income of 200-thousand dollars or more triggered the tax back then, and impacted nearly 200 people. But because it was not indexed to inflation, the number of taxpayers hit by the tax has grown to include millions. Congress wants to create a temporary fix to the a-m-t so that affected earners can avoid the tax, but so far they haven't passed a bill and time's running out. The IRS says it takes up to 10-weeks after a change in the tax code is made for its computers to process the returns. And tax forms have to be printed now, so it'll be using the un-adjusted tax code. If the law isn't changed about 25 million people would be forced to pay the a-m-t this year. And it if changed the forms will be outdated, possibly delaying returns.
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