The IRS has already issued greater than $13 billion in refunds to individuals who have already submitted their tax returns. In the event you’ve filed your taxes however have not obtained your refund but, here is methods to verify the standing.
Additionally, for those who’re nonetheless ready in your refund, it may very well be since you claimed the youngster tax credit score or the earned revenue tax credit score. By legislation, the IRS is required to attend until the center of February on the earliest to course of and ship credit score cash.
With plenty of information across the youngster tax credit score this 12 months — together with 15 states that even have a credit score, and Congress engaged on an expanded credit score — we’ll clarify when you may count on your refund in case you are claiming a credit score. For extra, here is our important cheat sheet for submitting this 12 months. Want extra assist submitting your taxes? This is methods to file at no cost.
Learn extra: Greatest Tax Software program 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 youngsters. The quantity a household can obtain is as much as $2,000 per youngster, 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 is named the extra youngster tax credit score, and this 12 months the refundable quantity is $1,600.
When are you able to count on your youngster tax credit score refund this 12 months
The IRS informed CNET that almost all youngster tax credit score and earned revenue tax credit score refunds ought to be obtainable in financial institution accounts or on debit playing cards by Feb. 27 for taxpayers who’ve filed and selected direct deposit — there aren’t any different points with their tax return.
As of Feb. 17, the IRS informed CNET, tax filers claiming the credit score ought to be capable to see their projected deposit dates by checking the company’s The place’s My Refund software.
The delay, in response to 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 company, by legislation, is required to make use of the additional time to forestall fraudulent refunds.
For extra tax data, here is why you need to file as quickly as doable. Additionally, here is methods to submit your tax return to the IRS at no cost.