Filing Mistake Could Delay 600K Refunds

Via LearnVest By Libby Kane ~

tax filing mistakeTaxes can be tricky enough when everything is done right. But what about when something is wrong?

The I.R.S. announced on Tuesday that a filing error for student tax credits has delayed the receipt of hundreds of thousands of tax refunds.

The Today Show reports that the filing error was in fact the difference of one letter: This year, Form 8863 required that tax preparers indicate negative answers with the letter N, rather than leave blank for “no” answers like in previous years. About 10% of preparers didn’t realize there was a change and marked answers incorrectly.

The I.R.S., along with tax preparation company H&R Block, have both issued statements that they’re aware of the problem and addressing it. People who filed tax returns February 14-22 will receive their refunds in 21 days, rather than the eight weeks the I.R.S. originally estimated.

Not every person who filled out Form 8863 (a form related to student tax credits) was affected. If you suspect that you were, make sure to contact your tax preparer.

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