In case 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 examine the standing of your tax return on-line as a substitute of anxiously checking your checking account every morning.
Notice that if you have not gotten your refund but, it may very well be since you claimed the youngster tax credit score or the earned revenue 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 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 possibly can count on your refund should 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 the best way to file without spending a dime.
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 kids. The quantity a household can obtain is as much as $2,000 per youngster, but it surely’s solely partially refundable. Meaning 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 known as the extra youngster tax credit score, and this 12 months the refundable quantity is $1,600.
When to count on your youngster tax credit score refund
The IRS instructed CNET that almost all youngster tax credit score and earned revenue tax credit score refunds could be accessible in financial institution accounts or on debit playing cards by Feb. 27 for taxpayers who’ve filed and selected direct deposit — and there are not any different points with their return.
The delay, in line with the IRS, is as a result of the company can not subject 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.
If you have not acquired 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 info, 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 without spending a dime.