Tax season is coming to an end in just four days, and many people are still waiting to receive their child tax credit money. If it has been several weeks since you filed your taxes with the IRS, it may be time to check the status of your tax return online. The child tax credit and earned income tax credit can cause delays in receiving your refund, as the IRS could not begin sending refunds to those claiming these credits until mid-February at the earliest. This year, there has been a lot of news around the child tax credit, with 16 states also offering a credit and Congress working on an expanded credit.
The child tax credit is a tax break that families can receive if they have qualifying children, with the amount being up to $2,000 per child. However, only part of this amount is refundable, meaning that if not all of it is used to lower your tax bill, you may not receive the remaining money. The refundable portion is called the additional child tax credit, with a refundable amount of $1,600 this year. Most child tax credit and earned income tax credit refunds were expected to be available in bank accounts or on debit cards by February 27 for those who filed and chose direct deposit, as long as there are no other issues with their return.
The delay in receiving child tax credit refunds is due to the IRS not being able to issue refunds involving the additional child tax credit and earned income tax credit before mid-February. This extra time is required by law to prevent fraudulent refunds. If you have not received your refund yet and are claiming the credit, you should be able to see your projected deposit date by checking the IRS’ Where’s My Refund tool. It is recommended to file your tax return as soon as possible to ensure a quicker refund process.
Taxes 2024 is CNET’s coverage of the best tax software, tax tips, and everything else you need to file your return and track your refund. The child tax credit and additional child tax credit are explained in more detail in this coverage, along with when you can expect your refund if you are claiming a credit. The IRS has provided information on how most refunds should be available by a certain date for those who filed with direct deposit. It is also important to be aware of any potential delays and to check the IRS’ tools for tracking your refund status.
Smart Money Advice from CNET Money provides financial insights, trends, and news that can help you navigate the tax season and understand the child tax credit process. By filing your taxes as soon as possible and choosing direct deposit for your refund, you can expedite the process of receiving your child tax credit money. It is important to stay informed about any updates or changes to tax laws, especially regarding credits like the child tax credit, to ensure you are taking advantage of any available benefits. Additionally, utilizing tools like the IRS’ Where’s My Refund tool can help you track the status of your refund and stay updated on any potential delays.
