With everything going on at the Capitol, it's no surprise that there would be delays in tax returns. In midst of the debates between Republicans and Democrats on what to do about the forthcoming budget cuts, the Sequester went through, causing across the board cuts in domestic programs. Yes, that includes financial aid ...
The sequester has caused quite a stir with many wondering how they will be effected. When it comes to students, the sequester means less funding available for colleges and an increase on the Direct PLUS loan fees. It has us asking, what is the government gong to do about it?
On top of that, many Americans are still waiting on their tax returns, which was said to be done in 21 days. Of course, college students and parent's of students are the ones most effected. The IRS recently released a statement clarifying that the delay in returns is in relation to the Education Tax Credit. The Education Credit is a recently new tax credit that offers up to $1,000 for those claiming students or students themselves. According to the IRS, many people forgot to check a certain box that has the agency going through every form to correct it. They state that this could take almost up to four weeks from the release of the statement (March 12).
Wondering how you can speed up the process? Well, you can't. Resubmitting a form will only create a longer delay. You can however, check the status of your return here or by downloading the IRS2Go app.
How was your tax filing experience? Let us know at Broke2Dope@gmail.com or Tweet us @Broke2Dope!
Shanika Simmons
