Greater than $115 billion tax refunds have been issued by the IRS to date this tax season. However when you claimed the kid tax credit score and you are still ready to obtain your refund cash, there is a fast solution to verify the standing of your tax return on-line.
Observe 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 regulation, 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 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 anticipate your refund when you’re claiming a credit score. For extra, this is our important cheat sheet for submitting this yr. Want extra assist submitting your taxes? Here is how one can 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 youngsters. 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, you might not obtain the extra cash left over.
The refundable portion is known as the extra youngster tax credit score, and this yr the refundable quantity is $1,600.
When to anticipate your youngster tax credit score refund
The IRS advised CNET that almost all youngster tax credit score and earned revenue tax credit score refunds could 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 are not any different points with their return.
The delay, in response to the IRS, is as a result of the company can not problem refunds involving the extra youngster tax credit score (and the earned revenue 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 obtained your cash but and also you’re claiming the credit score, you need to be capable of see your projected deposit date by checking the IRS’ The place’s My Refund instrument.
For extra tax info, this is why you need to file as quickly as potential. Additionally, this is how one can submit your tax return to the IRS without spending a dime.
