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The IRS has paid out refunds to at least some claimants of the earned income or additional child tax credits before February 15, apparently contradicting a new statutory requirement and causing taxpayer confusion, two preparers said.
The alternative minimum tax is a quirky feature of the tax code that dates from 1969. It came about because the Treasury secretary informed Congress that 155 very wealthy taxpayers owed no income tax in 1966. Lawmakers then created a special tax regime that excluded most deductions and hit capital gains more heavily. From those 155 taxpayers, the AMT has grown to affect more than 5 million taxpayers a year.