Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

3/13/2013 (1 year ago)

Catholic Online (www.catholic.org)

Many refunds are for students who need to buy books, financial aid

Are you anxiously awaiting your tax refund to pay some bills? You may have to wait awhile. A filing error means that 600, 000 filers will have to wait a bit longer. Many of those who will be getting their refunds a bit later than usual are college students who need the money to pay for books and the tax receipt to apply for financial aid, the IRS says.

About 6.6 million tax returns include Form 8863, although only about 10 percent are affected, according to MarketWatch.

About 6.6 million tax returns include Form 8863, although only about 10 percent are affected, according to MarketWatch.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

3/13/2013 (1 year ago)

Published in Business & Economics

Keywords: Tax refund, tax preparer, H & R Block, IRS, college students


LOS ANGELES, CA (Catholic Online) - There was a rude awakening for many several college students this year. After paying a professional tax preparer $150 for 30 to 45 minutes of their time, one 26-year-old interior design student waited in vain for her $2,500 refund.

When she checked the IRS Where's My Refund? feature online, it said her tax return was still being processed, she went to the H&R Block website to see if others were having the same problem. She learned that Form 8863, relating to student tax credits, had been filed incorrectly.

Thousands of angry customers began sounding off on that tax preparer's Facebook page. She wrote that she, too, was frustrated. 

Preparers say that the form had since changed, and that in previous years, five lines on the form could be left blank for a "no" answer.

Starting this year, preparers must enter an "N" in those fields or risk a delay. The tax-filing company said it learned about the tax form change after it had submitted hundreds of thousands of tax returns. The IRS said it was aware of the problem and it is continuing to review the situation and work with "affected software companies to assist in the processing of those tax returns." 

H&R Block and the IRS later made an announcement that those who submitted tax returns between Feb. 14 and Feb. 22 would receive their tax refunds within 21 days, not eight weeks as stated in an earlier letter from the IRS to those impacted. 

"We want to assure the impacted clients that we are doing everything we can," H&R Block said in a statement. "The IRS has informed us and other impacted providers that they are currently processing returns."

 "While the number of tax returns affected is around 10 percent of the total returns claiming the credit, the IRS continues working aggressively to address this situation and hopes to reduce those projected refund time frames further," the IRS said in the statement.

About 6.6 million tax returns include Form 8863, although only about 10 percent are affected, according to MarketWatch.

---


Pope Francis: end world hunger through 'Prayer and Action'


2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for July 2014
Sports:
That sports may always be occasions of human fraternity and growth.
Lay Missionaries: That the Holy Spirit may support the work of the laity who proclaim the Gospel in the poorest countries.



Comments


More Business & Economics

LUMP OF COAL - LITERALLY! Coal companies pushed to brink of insolvency by Obama policies Watch

Image of The very fuel that fed the Industrial Revolution and powered U.S. growth for much of the past century, the coal industry finds itself on the brink of insolvency, with many companies going out of business.

By Catholic Online (NEWS CONSORTIUM)

Dealing with cheap natural gas and tighter regulation, the U.S. coal industry has fallen on hard times. The very fuel that fed the Industrial Revolution and powered U.S. growth for much of the past century, the coal industry finds itself on the brink of ... continue reading


The poor getting power in U.S. - typical household is now worth a third less Watch

Image of The old saw goes that when only a few people are winning and more than half the population is losing, surely something is amiss.

By Catholic Online (NEWS CONSORTIUM)

The rich get richer - and the poor have children. But seriously, folks, the poor is getting even poorer in the United States. Recovery from the last big recession in 2007, hasn't really taken off as of yet. Recent studies show that the average American ... continue reading


HAIL BRITANIA! Britain declared fastest growing economy in developed world Watch

Image of Britain is now

By CNA/EWTN News

There will always be an England, as the old song goes. While the United Kingdom has experienced highs and lows, it's always recovered - and prospered. This was born out by the recent news that Britain will be the best performing major economy in the developed ... continue reading


Amazon sits on slippery slope as investors pull out from company Watch

Image of Amazon, despite constant reinvestment into technology like smartphones and drones, continues to lose investors and profits.

By Catholic Online (NEWS CONSORTIUM)

Amazon lost over $16 billion in value on the night of July 26, a sign that investors were growing weary of the retail giant's repeated failures to make a consistent profit. LOS ANGELES, CA (Catholic Online) - This was Amazon's largest quarterly loss in two years, ... continue reading


The buck does stop here: Chinese currency set to close the gap between it and the dollar Watch

Image of A new study from China indicates that the Chinese yuan is likely to become the third most used international currency by 2019.

By Catholic Online (NEWS CONSORTIUM)

China's currency, the renminbi (RMB), is looking to become the third-largest international currency behind the U.S.'s dollar and the euro by 2019 said the Renmin University of China in a report published on July 20. LOS ANGELES, CA (Catholic Online) - Last year, ... continue reading


Financial consultant warns that U.S. is entering third largest stock bubble Watch

Image of A new study by financial consulting firm Smithers & Co. warns that the U.S. is entering another major stock bubble, the third largest in U.S. history.

By Catholic Online (NEWS CONSORTIUM)

A new research report by financial consultant Andrew Smithers, chairman of Smithers & Co., suggests that the U.S. is in the midst of another stock-market bubble, much like the bubbles in 1853, 1906, 1929, 1969 and 1999. LOS ANGELES, CA (Catholic Online) - ... continue reading


WARNING: The most important article you may ever read - We need a moral revolution at the top, before pitchforks appear in the street Watch

Image of In the game of plutocracy you start by owing money to the bank and as it progresses, you owe more.

By Marshall Connolly, Catholic Online (NEWS CONSORTIUM)

An article published in 2011 in Forbes is making the rounds again and people are talking, but despite the dust on the copy, it's a timely conversation. The article by Brendan Coffey reveals that there are four companies that control 147 other companies and those 147 ... continue reading


U.S. to shortly overtake Saudi Arabia, Russia in production of natural oil Watch

Image of In Texas and North Dakota, oil extraction is soaring at shale formations as companies split rocks using high-pressure liquid in a process known as fracking.

By Catholic Online (NEWS CONSORTIUM)

The United States has often found itself at the mercy of unstable nations for the majority of its oil imports. That day may soon be past after American begins the extraction of energy from shale rock, eventually overtaking both Saudi Arabia and Russia in oil ... continue reading


Unemployment among black Americans twice that among whites Watch

Image of The jobless rate among whites last month was 6.6 percent; among blacks, 12.6 percent. The unemployment rate for blacks has averaged about 2.2 times that for whites.

By Catholic Online (NEWS CONSORTIUM)

When African-Americans marched on Washington in 1963, it was under the banner of "Jobs and Freedom." There remains a great inequity with the former; the number of unemployed blacks in America remains twice as much as whites, and has remained that way for ... continue reading


Don't read this if you enjoy shrimp -- and hate slavery Watch

Image of Forced to work on old fishing boats, slaves work 20-hour days, often with drugs to keep them going. They are not paid, having been bought and sold into the industry.

By Catholic Online (NEWS CONSORTIUM)

A shocking investigative report from The Guardian reveal that virtually all shrimp harvested in Thailand is in some way a product of slave labor, and that much of this shrimp ends up in the mainstream food supply chain. If you eat shrimp, it is likely you are consuming ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Gospel, John 11:19-27
19 and many Jews had come to Martha and Mary to ... Read More

Saint of the Day

Saint of the Day for July 29th, 2014 Image

St. Martha
July 29: "Jesus loved Martha and Mary and Lazarus." This unique ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter