Hundreds of Thousands Face Tax Refund Delay

Hundreds of thousands of Americans, including those who used popular tax preparation companies, can expect a delay in getting their tax refunds.

FOX News Radio’s Chris Hoenig explains why:

The problem is with Form 8863, which allows for up to $2,500 in student tax credits.

(Zumwalt) “With the fiscal cliff, it raised some questions about how that form was going to be developed and so it was pushed back until February 14th, the first time that form could be filed.”

But University of Missouri Assistant Extension Professor Andrew Zumwalt says there’s a change on one line that’s fouled up tax preparers.

(Zumwalt) “The IRS used to process blanks as ‘no,’ and they’re actually requiring a ‘no’ on that line now.”

600,000 people filing through H&R Block alone are affected, plus others filing privately and through other tax preparers. ?H&R says they’re working with the IRS, who says refunds could be delayed up to six weeks.

Chris Hoenig, FOX News Radio.