In the event you’ve filed your tax return with the IRS and also you claimed the kid tax credit score, you are probably questioning when your tax refund will arrive. Thankfully, you may check the status of your tax return on-line as a substitute of anxiously checking your checking account every morning.
Be aware that if you have not gotten your refund but, it might be since you claimed the child tax credit or the earned earnings tax credit score, which takes a bit longer to course of. By legislation, the IRS could not start sending tax refunds to these claiming the credit till the center of February on the earliest.
With a lot of information across the child tax credit this 12 months — together with 16 states that also have a credit, and Congress engaged on an expanded credit — we’ll clarify when you may anticipate your refund should you’re claiming a credit score. For extra, here is our essential cheat sheet for filing this year. Want extra assist submitting your taxes? Here’s how to file for free.
Learn extra: Best Tax Software for 2024
What’s the baby tax credit score and extra baby tax credit score?
The kid tax credit score is a tax break households can obtain if they’ve qualifying children. The quantity a household can obtain is as much as $2,000 per baby, nevertheless it’s solely partially refundable. Meaning if not all is utilized to any taxes you owe to decrease your tax invoice, you might not obtain the extra cash left over.
The refundable portion is known as the extra baby tax credit score, and this 12 months the refundable quantity is $1,600.
When to anticipate your baby tax credit score refund
The IRS instructed CNET that the majority baby tax credit score and earned earnings tax credit score refunds can be out there in financial institution accounts or on debit playing cards by Feb. 27 for taxpayers who’ve filed and selected direct deposit — and there are not any different points with their return.
The delay, based on the IRS, is as a result of the company can not situation refunds involving the extra baby tax credit score (and the earned earnings tax credit score) earlier than mid-February. The agency, by law, is required to make use of the additional time to stop fraudulent refunds.
If you have not acquired your cash but and also you’re claiming the credit score, you must have the ability to see your projected deposit date by checking the IRS’ Where’s My Refund tool.
For extra tax info, here is why you should file as soon as possible. Additionally, here is how to submit your tax return to the IRS for free.
