With tax season coming to a close, many individuals are eagerly awaiting their tax refunds that include the child tax credit money. If it has been a few weeks since filing taxes with the IRS, it is recommended to check the status of the tax return online. The refund may be delayed for those who claimed the child tax credit or the earned income tax credit, as these credits take longer to process. The IRS was unable to start sending refunds to those claiming these credits until the middle of February at the earliest due to legal regulations. This delay is necessary to prevent fraudulent refunds from being issued.
The child tax credit is a tax break that families can receive if they have qualifying children, with an amount of up to $2,000 per child. However, only a portion of this credit is refundable, meaning that if it is not fully applied to any taxes owed, the remaining amount may not be received. The refundable portion is referred to as the additional child tax credit, with the refundable amount set at $1,600 for this year. Those who have filed and chosen direct deposit should expect to see their child tax credit and earned income tax credit refunds in their bank accounts or on debit cards by February 27, provided there are no issues with their return.
It is important to note that the delay in refunds for those claiming the child tax credit and earned income tax credit is due to the IRS needing extra time to prevent fraudulent refunds. To find out the projected deposit date for your refund, checking the IRS’ Where’s My Refund tool is advised. Individuals who are claiming the credit and have not yet received their refund should keep an eye out for any updates on the status of their refund. Filing taxes as soon as possible is recommended to receive the refund in a timely manner. Taking advantage of free tax filing options can also help in submitting the tax return to the IRS without any additional costs.
With 16 states offering their own version of the child tax credit and Congress working on expanding the credit, there has been a lot of news surrounding this topic. As part of Taxes 2024, CNET is covering the best tax software, tax tips, and everything needed to file a tax return and track the refund. For those needing additional assistance with filing taxes, there are resources available to provide guidance on the process. By understanding the intricacies of the child tax credit and knowing when to expect the refund, individuals can better plan for their financial future. Stay informed about the latest financial trends and news with CNET Money’s insights delivered right to your inbox every Wednesday.
