After submitting tax returns, it takes the typical individual 21 days or much less to get their tax refunds again, in response to the IRS. That is until they’re claiming further credit such because the youngster tax credit score and the earned revenue tax credit score. For those who’re one of many hundreds of thousands of individuals claiming both of these credit, you possibly can anticipate a delay in getting your refund.
Not all who declare the kid tax credit score will expertise a delay of their tax refunds. We’ll clarify who’s affected under, together with when you’ll be able to anticipate your IRS cash to reach.
For extra, discover out in case your state is sending youngster tax credit score funds this yr. Need assistance submitting your taxes? This is find out how to file without spending a dime.
Learn extra: Greatest Tax Software program for 2024
What’s the youngster tax credit score?
The kid tax credit score is a tax break households can obtain if they’ve qualifying youngsters. The quantity a household can obtain is as much as $2,000 per youngster, but it surely’s solely partially refundable. Which means if not all is utilized to any taxes you owe to decrease your tax invoice, you might not obtain the extra cash left over.
The refundable portion is known as the extra youngster tax credit score, and this yr the refundable quantity is $1,600.
When to anticipate your youngster tax credit score refund
Most further youngster tax credit-related refunds needs to be out there in financial institution accounts or on debit playing cards by Feb. 27, the IRS mentioned, if taxpayers select direct deposit and there are not any different points with their tax return. Some may even see their funds deposited just a few days sooner.
The delay, in response to the IRS, is as a result of the company can not problem refunds involving the extra youngster 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 forestall fraudulent refunds.
You’ll be able to examine The place’s My Refund? in your customized refund date. The place’s My Refund? will likely be up to date with projected deposit dates for many early EITC/ACTC refund filers by Feb. 17.
For extra tax data, here is why it is best to file as quickly as doable. Additionally, here is find out how to submit your tax return to the IRS without spending a dime.
