If you have been waiting for your child tax credit refund for more than 21 days after filing with the IRS, it may be time to track down your money using the IRS Where’s My Refund tool. The delay in receiving your refund could be due to claiming the child tax credit or the earned income tax credit, which takes longer to process. The IRS could not begin sending tax refunds to those claiming these credits until mid-February at the earliest. With all the news surrounding the child tax credit, including 16 states with their own credit and Congress working on an expanded credit, it’s important to know when you can expect your refund if you claimed the credit.
The child tax credit is a tax break that families can receive if they have qualifying children, with the maximum amount being $2,000 per child. However, only part of this credit is refundable, meaning that if not all of it is used to lower your tax bill, you may not receive the leftover money. The refundable portion is known as the additional child tax credit, and for this year, the refundable amount is $1,600. If you are still waiting for your child tax credit refund, the IRS has stated that most refunds for those claiming the child tax credit and earned income tax credit should be available in bank accounts or on debit cards by Feb. 27 for those who filed early and selected direct deposit, with no issues on their return.
The IRS cannot issue refunds involving the additional child tax credit before mid-February due to the need to prevent fraudulent refunds. If you have not received your refund yet and are claiming the credit, you should be able to see your projected deposit date by checking the IRS’ Where’s My Refund tool. It’s important to file your taxes as soon as possible to ensure prompt processing and receipt of any refunds you may be owed. Additionally, there are resources available for free tax software and filing your tax return to the IRS at no cost.
In summary, if you are still waiting for your child tax credit refund, it may be time to track down your money using the IRS Where’s My Refund tool. The delay in receiving your refund could be due to claiming the child tax credit or the earned income tax credit, which takes longer to process. The IRS cannot issue refunds involving the additional child tax credit before mid-February to prevent fraudulent refunds. It is important to file your taxes promptly and use available resources for free tax software to ensure timely processing of your return and receipt of any refunds owed to you.
