If you have filed your tax return with the IRS and claimed the child tax credit, you may be wondering when your tax refund will arrive. Instead of constantly checking your bank account, you can easily check the status of your tax return online. It is important to note that if you have not received your refund yet, it could be due to claiming the child tax credit or the earned income tax credit, which take longer to process. The IRS could not begin sending tax refunds to those claiming these credits until the middle of February at the earliest.
The child tax credit is a tax break that families can receive if they have qualifying children. The amount a family can receive is up to $2,000 per child, but it is only partially refundable. This means that if the credit is not fully applied to any taxes owed, the remaining amount may not be refunded. The refundable portion of the credit is called the additional child tax credit, and this year the refundable amount is $1,600. If you are unsure about the child tax credit and additional child tax credit, it is important to consult the IRS or a tax professional for guidance.
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 Feb. 27 for taxpayers who have filed and chosen direct deposit, and if there are no other issues with their return. The delay in issuing refunds is due to the fact that the agency cannot issue refunds related to the additional child tax credit and earned income tax credit before mid-February. This extra time is essential 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.
With the child tax credit being a prominent topic this year, including discussions surrounding an expanded credit in Congress and credits offered by 16 states, it is important to stay informed about when you can expect your refund if you are claiming a credit. It is always beneficial to file your taxes as soon as possible to avoid any delays in receiving your refund. If you need further assistance with filing your taxes, there are resources available to help you file for free. By staying informed and proactive, you can ensure a smooth tax filing process and timely receipt of any refunds owed to you.
