A Few Forms Not Yet Ready for 2005 E-File Users

Those wishing to use E-File to file their 2005 income tax returns may need to hold off a few more weeks, according to a newswire sent out by the IRS yesterday.

Due to a few tax law changes that happened late last year, 13 forms are not ready for the e-file format at this time. The IRS says that none of the commonly used forms are a part of this bunch and that the affected forms, listed below, should be available by the end of this month.

Forms affected by Tax law changes:
Form 982: Reduction of Tax Attributes Due to Discharge of Indebredness (and Section 1082 Basis Adjustments)
Form 8606: Nondedcutible IRAs
Form 8863: Education Credits
Form 8915: Qualified Hurricane Retirement Plan Distributions & Repayments
Form 3468: Investment Credit
Form 3800: General Business Credit
Form 5884-A: Credits for Employers Affected by Hurricane Katrina, Rita, or Wilma
Form 8379: Injured Spouse Allocation
Form 8611: Recapture of Low Income Housing Credit
Form 8864: Biodiesel & Renewable Diesel Fuels Credit
Form 8896: Low Sulfur Diesel Fuel Production Credit
Form 8271: Investor Reporting of Tax Shelter Registration Number
Form 8886: Reportable Transaction Disclosure Statement

For the majority of taxpayers, this will not be a problem due to the fact that W-2 and 1099 forms are not received until late January. However, paper returns can still be filed with the correct forms if one wishes. The IRS suggests that those wishing to file electronically wait the few extra weeks to do so because it will still result in a faster refund than if they mailed a paper return.

For more information on this and other 2005 tax issues, click here to visit the IRS website.