I just got a call from our CPA. He went to a tax update seminar yesterday. He said that they were told that the IRS will be holding refunds with the American Opportunity Tax Credit. The word is that the IRS is going to wait till mid May so they can verify the information on the 1098-T form with the institution. I’m hoping that he was misinformed…
He was wrong. My son received an AOPC. Filed early February 1 and received his refund in the bank Feb 7
Based on our experience, this is incorrect. Filed 1/31 with AOTC and rcvd our refund 3 days later. No issue.
Oh geez, I hope not. The IRS doesn’t really want to work with tax professionals, or the American public, or they’d quit mucking up and delaying tax season. The 1098-T is FROM the institution…and is often fairly worthless anyway, since the “billed” box often doesn’t align with what was paid.
It may be the IRS is holding the refunds if it is a refundable credit. Refundable credits have been held up in many years, including those for adoptions, electric vehicles, energy improvements. I don’t think they hold the EIC.
@sryrstress - He told me the reason for the hold up was that a lot of colleges only fill it the billed box not the paid box… And that’s what our son’s college does.
^^ Still not true.
I can verify this is true. Filed taxes online and return was accepted 02/01 and after 2 weeks and not being able to view status change on “where’s my refund” started to get concerned. IRS wouldn’t tell me anything until after 21 days and then have been on old multiple times waiting for a human to find out what was going on. Finally on 2/25 got an agent that verified return was being held because of AOC and have to wait 8 more weeks to find out what the status is from there. Filed last year and no problem. IRS agent told me the education credits are where the most fraud is and to expect delay until 1098 T can be verified with college. At least 8 more weeks. Colleges don’t have to send the 1098 info to the IRS the same time they are required to get the info out to college families. Lot’s of people are going to be hit with delays. I tried to view my tax transcript on the IRS website and got identity theft message from the IRS and to call a special number. Agent told me that was normal for people trying to view their transcript and the return was not done. Found that a little strange too! A message saying not able to view or locate return would seem like the appropriate message, not to call them because you may be a victim of identity theft. Alot of things with the IRS are not adding up. Targeting people because of political preference, dishonest employees, short staffed and adding reviews to returns that need manually done and causing lengthy delays. Sounds like we need more government to solve these issues. Not!
I’m an accountant. We do hundreds of returns with AOC on them. Sure, some have either been held up or taxpayer heard from the IRS, but most went through just fine and the refunds received within a week. My son’s included.
H just filed last weekend with AOC and I just checked his bank account and refund was deposited today.
I can also report receipt of refund without delay. Two kids in college, no problems.
No hes right. I even have a tax advocate and noone will release mine even after i provided verification. My sons was released but he was working. I wasnt. The irs told my advocate this same thing. May
It may be only the ones that had no other income with 1098t
I was able to view my transcripts also
Our refund was deposited about a week after we filed, with AOTC.
This thread is discussing an issue from February 2015…not this year!