No, this will affect the 2012 tax year. Which is what makes this even more infuriating. A former head of the IRS said that if this patch isn't extended that it will make this tax season a nightmare for taxpayers and the IRS.
This is unbelievable, people weren't given an opportunity to plan accordingly for this to happen. It just further proves the ineptitude of the government. One, for allowing this to come so close to lapsing just for the sake of using it in political games and two for not adjusting the AMT for inflation.
The AMT is a joke, it doesn't do what it was meant to and ends up hurting only middle class taxpayers for the most part.
This post was edited on 12/12 at 2:49 pm