With tax season almost over, chances are you’ll be questioning the place your tax refund is that features your youngster tax credit score cash. If it has been a number of weeks because you filed your taxes with the IRS, it might be time to check the status of your tax return on-line.
Observe that your refund may very well be delayed since you claimed the child tax credit or the earned revenue tax credit score, which takes a bit longer to course of. By regulation, the IRS could not start sending tax refunds to these claiming the credit till the center of February on the earliest.
With a number of information across the child tax credit this yr — together with 16 states that also have a credit, and Congress engaged on an expanded credit — we’ll clarify when you may count on your refund when you’re claiming a credit score. For extra, this 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 youngster tax credit score and extra youngster 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 youngster, however it’s solely partially refundable. Meaning if not all is utilized to any taxes you owe to decrease your tax invoice, chances are you’ll not obtain the extra cash left over.
The refundable portion is named the extra youngster tax credit score, and this yr the refundable quantity is $1,600.
When to count on your youngster tax credit score refund
The IRS advised CNET that almost all youngster tax credit score and earned revenue tax credit score refunds can be obtainable 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, in keeping with the IRS, is as a result of the company can’t situation refunds involving the extra youngster tax credit score (and the earned revenue tax credit score) earlier than mid-February. The agency, by law, is required to make use of the additional time to forestall fraudulent refunds.
If you have not obtained your cash but and also you’re claiming the credit score, you must be capable to see your projected deposit date by checking the IRS’ Where’s My Refund tool.
For extra tax data, this is why you should file as soon as possible. Additionally, this is how to submit your tax return to the IRS for free.
