Posted: Tue, January 29 2013 at 8:14 AM, Updated: Tue, January 29 2013 at 8:21 AM
There is another hold up in tax filing this year...this time for students and parents claiming popular student deductions.
The IRS has discovered they can not process education credits on form 8863 without further adjustment to their system. For those claiming the Lifetime Learning, or American Opportunity Tax credits (formerly known as the Hope Tax credit) it means mid February until your refunds can be processed.
The American Opportunity Credit matches dollar-for-dollar up to the first $2000 dollars in college related expenses, while the Lifetime Learning credit provides 20% of tuition expenses up to $10,000.