For those who filed your taxes by the April 15 deadline, you possibly can lastly cease stressing and begin protecting a watch out on your little one tax credit score cash. If it has been greater than 21 days because you filed with the IRS, it could be time to verify the standing of your tax return on-line.
Notice that your refund could possibly be delayed since you claimed the little one 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 a number of information across the little one 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 possibly can anticipate your refund when you’re claiming a credit score. For extra, this is our important cheat sheet for submitting this yr. Nonetheless must file your taxes? Here is methods to file without spending a dime.
Learn extra: Finest Tax Software program for 2024
What’s the little one tax credit score and extra little one 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 little one, however it’s solely partially refundable. Meaning 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 little one tax credit score, and this yr the refundable quantity is $1,600.
When to anticipate your little one tax credit score refund
For early filers, the IRS instructed CNET that almost all little one 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 accordance with the IRS, the company can not subject refunds involving the extra little one 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 stop fraudulent refunds.
If you have not acquired your cash but and also you’re claiming the credit score, you need to be capable to see your projected deposit date by checking the IRS’ The place’s My Refund instrument.
For extra tax data, this is why you need to file as quickly as doable. Additionally, this is methods to submit your tax return to the IRS without spending a dime.
