If you filed your taxes by the April 15 deadline, you may lastly cease stressing and begin conserving an eye fixed 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 test the standing of your tax return on-line.
Note that your refund may very well be delayed since you claimed the little one 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 lot 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 may anticipate your refund when you’re claiming a credit score. For extra, this is our important cheat sheet for submitting this yr. Still have to file your taxes? Here’s tips on how to file totally free.
Read extra: Best Tax Software for 2024
What is the kid tax credit score and extra little one tax credit score?
The little one 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. That means if not all is utilized to any taxes you owe to decrease your tax invoice, chances are you’ll not obtain the extra cash left over.
The refundable portion is named 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 advised CNET that the majority little one tax credit score and earned revenue 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 are not any different points with their return.
Why Feb. 27? According to the IRS, the company can’t situation refunds involving the extra little one 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 stop fraudulent refunds.
If you have not obtained 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’ Where’s My Refund software.
For extra tax data, this is why it is best to file as quickly as attainable. Also, this is tips on how to submit your tax return to the IRS totally free.