If you have been waiting for your child tax credit refund for more than 21 days after filing with the IRS, it is time to track down your money using the IRS Where’s My Refund tool. This delay could be due to claiming the child tax credit or the earned income tax credit, which take longer to process. The IRS could not begin sending refunds to those claiming these credits until the middle of February at the earliest. With various news surrounding the child tax credit this year, including 16 states offering a credit and Congress working on an expanded credit, it is important to understand when you can expect your refund if you claimed the credit.
The child tax credit is a tax break for families with qualifying children, allowing them to receive up to $2,000 per child. However, this credit is only partially refundable, meaning any leftover amount after reducing tax owed may not be received. The refundable portion, known as the additional child tax credit, is $1,600 this year. For early filers, the IRS mentioned that most child tax credit and earned income tax credit refunds would be available in bank accounts or on debit cards by February 27 for those who filed and opted for direct deposit without any issues with their return. It is important to note that the IRS cannot issue refunds involving the additional child tax credit and earned income tax credit before mid-February to prevent fraudulent refunds.
If you are still waiting for your child tax credit refund and have not received it yet, you can check your projected deposit date by using the IRS Where’s My Refund tool. It is recommended to file your taxes as soon as possible to expedite the process. Additionally, individuals can submit their tax return to the IRS for free. Stay informed about financial insights, trends, and news by subscribing to CNET Money, which provides valuable smart money advice on important topics. Consider exploring the best tax software for 2024 to ensure a smooth tax filing experience and track your refund effectively.
