When you filed your taxes by the April 15 deadline, you’ll be able to lastly cease stressing and begin holding a watch out to your baby tax credit score cash. If it has been greater than 21 days because you filed with the IRS, it might be time to verify the standing of your tax return on-line.
Be aware that your refund might be delayed since you claimed the baby 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 numerous information across the baby tax credit score this yr — together with 16 states that even have a credit score, and Congress engaged on an expanded credit score — we’ll clarify when you’ll be able to count on your refund when you’re claiming a credit score. For extra, here is our important cheat sheet for submitting this yr. Nonetheless must file your taxes? Here is easy methods to file without cost.
Learn extra: Greatest Tax Software program for 2024
What’s the baby tax credit score and extra baby 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 baby, 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 is known as the extra baby tax credit score, and this yr the refundable quantity is $1,600.
When to count on your baby tax credit score refund
For early filers, the IRS instructed CNET that almost all baby tax credit score and earned earnings 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 aren’t any different points with their return.
Why Feb. 27? In line with the IRS, the company can not challenge refunds involving the extra baby 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 forestall fraudulent refunds.
If you have not acquired 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 software.
For extra tax info, here is why it’s best to file as quickly as potential. Additionally, here is easy methods to submit your tax return to the IRS without cost.