When you’ve filed your tax return with the IRS and also you claimed the kid tax credit score, you are seemingly questioning when your tax refund will arrive. Thankfully, you’ll be able to test the standing of your tax return on-line as an alternative of anxiously checking your checking account every morning.
Observe that if you have not gotten your refund but, it may very well be since you claimed the little one tax credit score 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 number of information across the little one tax credit score this yr — together with 16 states that even have a credit score, and Congress engaged on an expanded credit score — we’ll clarify when you’ll be able to count on your refund for those who’re claiming a credit score. For extra, here is our important cheat sheet for submitting this yr. Want extra assist submitting your taxes? This is the best way to file free of charge.
Learn extra: Finest Tax Software program 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 kids. The quantity a household can obtain is as much as $2,000 per little one, nevertheless 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 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 advised CNET that the majority little one tax credit score and earned earnings 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 aren’t any different points with their return.
The delay, based on the IRS, is as a result of the company can not concern refunds involving the extra little one tax credit score (and the earned earnings tax credit score) earlier than mid-February. The company, by legislation, is required to make use of the additional time to stop fraudulent refunds.
If you have not obtained your cash but and also you’re claiming the credit score, it is best to be capable of see your projected deposit date by checking the IRS’ The place’s My Refund instrument.
For extra tax data, here is why it is best to file as quickly as potential. Additionally, here is the best way to submit your tax return to the IRS free of charge.
