After filing tax returns, it takes the typical particular person 21 days or much less to get their tax refunds again, according to the IRS. That is except they’re claiming extra credit, such because the child tax credit and the earned revenue tax credit score. Should you’re one of many tens of millions of individuals claiming both of these credit, you might count on 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 beneath, together with when you may count on your IRS cash to reach.
For extra, discover out in case your state is sending child tax credit payments this yr. Need assistance submitting your taxes? Here’s how to file for free.
Learn extra: Best Tax Software for 2024
What’s the little one tax credit score?
The kid tax credit score is a tax break households can obtain if they’ve qualifying children. The quantity a household can obtain is as much as $2,000 per little one, however it’s solely partially refundable. Which means if not all is utilized to any taxes you owe to decrease your tax invoice, you could not obtain the extra cash left over.
The refundable portion known as the extra little one tax credit score, and this yr the refundable quantity is $1,600.
When to count on your little one tax credit score refund
Most extra little one tax credit-related refunds ought to be out there in financial institution accounts or on debit playing cards by Feb. 27, the IRS stated, if taxpayers select direct deposit and there are not any different points with their tax return. Some may even see their payments deposited a few days sooner.
The delay, based on the IRS, is as a result of the company can’t concern refunds involving the extra little one tax credit score (and the earned revenue tax credit score) earlier than mid-February. The agency, by law, is required to make use of the additional time to forestall fraudulent refunds.
You may examine Where’s My Refund? in your personalised refund date. The place’s My Refund? can be up to date with projected deposit dates for many early EITC/ACTC refund filers by Feb. 17.
For extra tax info, this is why you should file as soon as possible. Additionally, this is how to submit your tax return to the IRS for free.