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Tax season is coming to an finish in simply 4 days. And in the event you’re nonetheless ready to get your little one tax credit score cash, you are in all probability questioning the place your tax refund is. If it has been a number of weeks because you filed your taxes with the IRS, it could be time to check the status of your tax return on-line.
Be aware that your refund might be delayed 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 numerous 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 possibly can count on your refund in the event 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 little one tax credit score and extra little one 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 little one, however it’s solely partially refundable. Which means if not all is utilized to any taxes you owe to decrease your tax invoice, it’s possible you’ll not obtain the extra cash left over.
The refundable portion known as the extra little one tax credit score, and this yr the refundable quantity is $1,600.
When to count on your little one tax credit score refund
The IRS informed CNET that almost all little one tax credit score and earned earnings tax credit score refunds could be accessible 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 response to the IRS, is as a result of the company can not situation refunds involving the extra little one 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.
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