Tax season is coming to an finish in simply 4 days. And if you happen to’re nonetheless ready to get your baby tax credit score cash, you are most likely questioning the place your tax refund is. If it has been a number of weeks because you filed your taxes with the IRS, it might be time to test the standing of your tax return on-line.
Notice that your refund may very well be delayed since you claimed the baby tax credit score or the earned earnings tax credit score, which takes a bit longer to course of. By regulation, the IRS could not start sending tax refunds to these claiming the credit till the center of February on the earliest.
With a lot of information across the baby tax credit score this yr — together with 16 states that even have a credit score, and Congress engaged on an expanded credit score — we’ll clarify when you may count on your refund if you happen to’re claiming a credit score. For extra, this is our important cheat sheet for submitting this yr. Want extra assist submitting your taxes? Here is the best way to file without spending a dime.
Learn extra: Finest Tax Software program for 2024
What’s the baby tax credit score and extra baby 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 baby, nevertheless it’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 named the extra baby tax credit score, and this yr the refundable quantity is $1,600.
When to count on your baby tax credit score refund
The IRS advised CNET that almost all baby tax credit score and earned earnings tax credit score refunds could be accessible in financial institution accounts or on debit playing cards by Feb. 27 for taxpayers who’ve filed and selected direct deposit — and there aren’t any different points with their return.
The delay, in accordance with the IRS, is as a result of the company can not concern refunds involving the extra baby tax credit score (and the earned earnings tax credit score) earlier than mid-February. The company, by regulation, is required to make use of the additional time to forestall fraudulent refunds.
If you have not obtained your cash but and also you’re claiming the credit score, it is best to have the ability to see your projected deposit date by checking the IRS’ The place’s My Refund software.
For extra tax info, this is why it is best to file as quickly as potential. Additionally, this is the best way to submit your tax return to the IRS without spending a dime.
