IRS wasted $5.6B on bogus Obama stimulus tax credits, audit finds

by Stephen Dinan  |  published on May 5, 2015

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The IRS doled out more than $5 billion in potentially bogus college aid payments in 2012 under an Obama stimulus tax credit, according to a report Tuesday from the agency’s inspector general that said the administration still doesn’t have a good handle on how to root out erroneous claims.

Nearly 4 million students had questionable claims, totaling more than $5.6 billion in that one year alone, the Treasury Inspector General for Tax Administration said. At least half of the students never provided tuition statements showing what they paid, while others attended schools that didn’t qualify them for the tax credit.

Other students claimed the credit for more than four years, which should have automatically earned a rejection, the investigators said.

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