When you’ve filed your tax return with the IRS and also you claimed the kid tax credit score, you are possible questioning when your tax refund will arrive. Thankfully, you possibly can verify the standing of your tax return on-line as a substitute of anxiously checking your checking account every morning.
Observe that if you have not gotten your refund but, it could possibly 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 regulation, 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 little one tax credit score this 12 months — together with 16 states that even have a credit score, and Congress engaged on an expanded credit score — we’ll clarify when you possibly can count on your refund if you happen to’re claiming a credit score. For extra, this is our important cheat sheet for submitting this 12 months. Want extra assist submitting your taxes? Here is how you can file at no cost.
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, but it surely’s solely partially refundable. Meaning if not all is utilized to any taxes you owe to decrease your tax invoice, you could not obtain the extra cash left over.
The refundable portion known as the extra little one tax credit score, and this 12 months 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, in accordance with the IRS, is as a result of the company can’t concern refunds involving the extra little one tax credit score (and the earned earnings tax credit score) earlier than mid-February. The company, by regulation, 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 need to be capable to see your projected deposit date by checking the IRS’ The place’s My Refund instrument.
For extra tax data, this is why you need to file as quickly as doable. Additionally, this is how you can submit your tax return to the IRS at no cost.