Tax season is coming to an finish in simply 4 days. And in the event you’re nonetheless ready to get your youngster tax credit score cash, you are most likely questioning the place your tax refund is. If it has been a number of weeks because you filed your taxes with the IRS, it might be time to test the standing of your tax return on-line.
Be aware that your refund may very well be delayed since you claimed the youngster 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 lot of information across the youngster 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 may anticipate your refund in the event you’re 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 find out how to file free of charge.
Learn extra: Finest 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 kids. The quantity a household can obtain is as much as $2,000 per youngster, nevertheless it’s solely partially refundable. Which means 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 youngster tax credit score, and this 12 months the refundable quantity is $1,600.
When to anticipate your youngster tax credit score refund
The IRS informed CNET that almost all youngster 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’t challenge refunds involving the extra youngster 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’s best to have the ability to see your projected deposit date by checking the IRS’ The place’s My Refund instrument.
For extra tax info, here is why it’s best to file as quickly as doable. Additionally, here is find out how to submit your tax return to the IRS free of charge.