Tax season is coming to a close, and many individuals are eagerly awaiting their tax refunds, which may include child tax credit money. If it has been a few weeks since filing taxes with the IRS, it’s a good idea to check the status of the tax return online. The processed your refund could be delayed due to claiming the child tax credit or the earned income tax credit, both of which take longer to process. This year, there has been significant news surrounding the child tax credit, with 16 states also offering a credit and Congress working on expanding it. For more information on filing taxes this year, a cheat sheet is available, along with tips on how to file for free.
The child tax credit is a tax break available to families with qualifying children, allowing them to receive up to $2,000 per child. However, only a portion of this credit is refundable, meaning that if it isn’t entirely applied to lower the tax bill, the remaining money may not be received. The refundable portion is known as the additional child tax credit, with this year’s amount set at $1,600. The IRS has stated that most child tax credit and earned income tax credit refunds should be available in bank accounts or on debit cards by February 27 for those who filed and selected direct deposit, provided there are no issues with their return.
The delay in receiving the child tax credit refund is due to the IRS being unable to issue refunds involving the additional child tax credit and earned income tax credit before mid-February. This delay is necessary to prevent fraudulent refunds, as mandated by law. Those who have not yet received their refund and are claiming the credit can check the projected deposit date using the IRS’ Where’s My Refund tool. Additionally, filing taxes as soon as possible is recommended, and there are guidelines on how to submit tax returns to the IRS for free.
In the current tax season, it is essential for individuals to keep track of their tax refunds, especially if they have claimed the child tax credit. By monitoring the status of their tax return online and using tools like the IRS’ Where’s My Refund, individuals can stay informed about when they can expect to receive their refund. With significant updates and changes related to the child tax credit this year, including an expansion being considered by Congress, staying informed about tax credits and refunds is crucial for taxpayers. For those seeking further assistance with filing taxes, resources are available, including tax software and guidelines on how to file for free.
As tax season nears its end, individuals who are waiting for their tax refunds, which may include child tax credit money, should be proactive in checking the status of their tax return. The child tax credit is a valuable tax break for families with qualifying children, offering up to $2,000 per child, although only a portion of this credit is refundable. Due to the delay in processing refunds involving the child tax credit and earned income tax credit, it is important to be aware of the projected deposit date for the refund. By utilizing tools like the IRS’ Where’s My Refund and staying informed about the latest tax updates, individuals can navigate the tax season more effectively and ensure they receive the refunds they are entitled to.
