Tax season is nearing its end, with just four days left for individuals to file their tax returns and receive any refunds owed to them. If you are still waiting for your child tax credit money, you may be wondering where your tax refund is. It is recommended to check the status of your tax return online if it has been several weeks since you filed with the IRS. A potential delay in receiving your refund could be due to claiming the child tax credit or earned income tax credit, as these take longer to process. The IRS could not begin sending tax refunds to those claiming these credits until the middle of February at the earliest.
The child tax credit is a tax break that families can receive if they have qualifying children, with the amount being up to $2,000 per child. However, it is only partially refundable, meaning that if it is not all applied to any taxes owed to lower your tax bill, you may not receive the additional money left over. The refundable portion is called the additional child tax credit, with the refundable amount being $1,600 this year. Most child tax credit and earned income tax credit refunds were expected to be available in bank accounts or on debit cards by February 27 for taxpayers who filed and chose direct deposit, provided there were no other issues with their return.
Due to the child tax credit and earned income tax credit refunds involving the additional child tax credit being delayed until mid-February by law, there may have been a delay in receiving your refund if you are claiming these credits. The IRS is required to use this extra time to prevent fraudulent refunds. If you have not received your money yet and are claiming the credit, you should be able to see your projected deposit date by checking the IRS’ Where’s My Refund tool. It is important to file your taxes as soon as possible and avoid any delays in processing your return. Additionally, there are options available to file your tax return to the IRS for free if needed.
This year, there has been significant news surrounding the child tax credit, including 16 states having a credit and Congress working on an expanded credit. Understanding when you can expect your refund if you are claiming a credit is crucial, especially if it involves the child tax credit or earned income tax credit. By staying informed and checking the status of your tax return online, you can ensure that you receive your tax refund in a timely manner. For more information on filing your taxes this year, including how to file for free and the best tax software for 2024, it is recommended to refer to CNET’s coverage on Taxes 2024.
