|First time home buyers are still waiting for the tax refund they have applied as long back as last winter. The amount each applicant is expected to receive through an amendment in their federal tax returns is $8000. The delay is caused as more time is required to process a very large number of requests seeking amended return, a source from the IRS clarifies.
The sources say that more than 1.4 million taxpayers have sought to get the benefit of tax credit by making an amendment in their federal tax returns in the month of September. This number is expected to reach 5.1 million by the end of the year. As amended returns are reviewed manually, the process takes time and hence the benefits reach later than the expected.
Homebuyers, on the other hand, fail to get the economic relief intended through a tax credit when they do not get the money due to them within four months. As a result, people lose trust in the competence of government, experts believe.