- Personal Finance
Delayed Tax Processing for Students and Many Others
Processing Delays For Students And Many More In 2013
The effects of congress dragging their feet to approve the fiscal cliff are now being seen, in a tax payers point of view. Not only was all tax returns unable to be processed until the 30th of January, but it was announced by the IRS that many returns will not be processed until mid February and in some cases March. So who is effected?
Well, if you are a student and you are using form 8863 for your education credits, your return will not be processed until mid February. Since the Reform Act for taxpayers was not signed until the beginning of this year, so now the programming must be changed to reflect the late tax rules. So whether or not you are owed a refund, you can expect your return to take a while longer. If you are due a refund, expect it to be at least 2 to 3 weeks late. Not good new to all the starving students that may need this tax credit.
I am a student and will be using the tax credit and I had filed my return by mid January. It was excepted early by the 24th, but now I am being told that it will sit there unprocessed for at least the next couple of weeks.
For those tax payers that have other credits, you may be in for a longer wait, some returns not being processed until mid March, yeah that’s right, March! To get the full list of which forms will be processed much later, you will have to go to the IRS website directly and look under refund. The information is also present on the "Where is my refund" search page, just scroll down to look. Basically credits for energy efficient homes and appliances, credits for alternative fuel and many small little credits that we have enjoyed the last couple of years. Small businesses will be affected as well, moreover depreciation and allocations, as well as the General Business Credit using Form 3800. So for those unfortunate souls, if irked with all the delays, feel free to Thank you Congress.