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IRS to begin accepting education credit forms
Feb 13, 2013 7:17 pm
Students – and parents of students – champing at the bit for tax refunds will soon get their wish.
Beginning Thursday, the IRS will start accepting and processing tax returns containing form 8863, which is used to claim the American Opportunity Tax Credit and the Lifetime Learning Credit.
Ray Roberts, manager for the H&R Block on West Main Street, said that form is one of the most widely used among the early filers he sees, especially with Cumberland University nearby.
“Cumberland has a lot [of students using form 8863],” said Roberts. “A lot of the students down there are self-supporting.”
When the IRS announced the delayed processing in January, the date when the forms would be processed was not fully clear.
“We were expecting the end of February,” said Roberts. “It’s coming in quicker than we originally thought.”
H&R Block offered to people affected by the delay to file the tax returns without the affected forms to speed up refunds and just file amended returns for free after the IRS began processing the delayed forms.
Roberts said most of the people offered the option chose to wait.
He also said he suspects many people affected by the delay are already aware and are waiting to begin the filing process.
“We’re not seeing the numbers we usually do, and I think that’s probably why,” said Roberts.
The IRS also began processing another of the delayed forms – form 4562, for depreciation and amortization – on Sunday.
While there are still several other forms that will not be accepted until the first week of March, Roberts said many of the people who would use those forms will not be as affected.
“Those are more complicated returns,” said Roberts. “Honestly, most of them weren’t going to be able to come in until March anyway.”