Issues with IRS Form 8863 Causes Refund Delay for Some Taxpayers
The IRS released a statement that some taxpayers who filed their return between February 14th and February 22nd may experience a delay in receiving their refund due to a software glitch. AccountingToday reported that more than 600,000 returns have been affected, with a large portion of those returns being from H&R Block.
According to AccountingToday, the delays occurred due to changes to Form 8863, Education Credits (American Opportunity and Lifetime Learning Credits). Originally, preparers were told to respond Yes or No to lines 23-26, which were added to the form this year. The forms found in some tax software were programmed to actually require an “N” for no. The IRS is being forced to review the forms because of glitches in the programming. The IRS said it is working with affected software companies on the issue, so that no further delays occur.
If you plan to complete your own taxes, be sure to check with your software provider regarding any issues.
Please note that H&S Companies has not experienced any delays due to this issue. Remember, you can check the status of your refund via the IRS tool “Where’s My Refund”.
Sources:
IRS Statement on Form 8863, Education Credits
600,000+ Tax Refunds Delayed by Education Credit Glitch