Up to 600,000 tax returns filed by H&R Block could be delayed by up to six weeks, according to the Internal Revenue Service.
problem: Form 8863, which you must fill out to get the student tax
credit. The credit is equal to 100% of the first $2,000 of qualified
expenses and 25% of expenses over $2,000. Maximum is $2,500.
previous years, preparers could leave a field blank to indicate "no."
This year, they have to enter "n." If they didn't, the forms get
delayed. H&R Block says those who filed between Feb. 14 and Feb. 22,
2013, were affected.
About 10% of the 6.6 million returns filed with form 8863 are affected,All you need to do is to simply search the prepreg corresponding
to a model number. You would be able to see all the available options
that you have. the IRS says. The government tax agency is helping to
reduce wait time, according to MarketWatch.com.
those clients who received the IRS notice regarding form 8863 that said
it would take six to eight weeks to receive a refund after this issue
was resolved, we are assured it will not take that long," H&R Block
said in a statement on its Facebook page. "We continue to work with the
IRS, and as we have more specifics on timing and any other updated
information, we will share it with our clients."
H&R Block clients have started a page of their own, called "Club 8863," which has earned 2,950 "likes."
asked if it was contemplating rebates to affected customers, an H&R
Block spokesman said only, "Right now we are resolutely focused on
ensuring the returns are processed on behalf of our clients."
and their families are probably quite eager to get their credits, which
are far more valuable than deductions. Unlike deductions, which reduce
the amount of income you pay taxes on, tax credits reduce your taxes
dollar for dollar. For someone in the 25% tax bracket, a $1,Antique bath fixtures000 deduction would reduce your taxes by $250; a $1,000 tax credit would reduce your taxes by $1,tyre equipments000.
The American Opportunity Tax Credit, the official name for the student tax credit,Vintage tubs is available to full-time undergraduate students. The full credit is available to families that earn up to $160,Auto Accessories wholesalers000
a year; it's phased out for those that earn $160,000 to $180,000. It's
not available to families earning more than $180,000. (For single filers
and heads of household, the credit starts disappearing at $80,000 and
vanishes at $90,000.)
Block notes that delaying return processing may cause additional
headaches for those completing the Free Application for Federal Student
Aid, or FAFSA.
your return has not yet been processed by the IRS, you can manually
enter the tax return data on the application. You can then return to the
online FAFSA to update the information when your return has been
who filed form 8863 have already had to wait to file, thanks to budget
bickering in Congress. Resolution of the so-called fiscal cliff, a mix
of tax hikes and budget cuts that could have sent the economy reeling,
delayed the processing of tax returns. The IRS didn't accept returns
with form 8836 until Feb. 14.