The IRS has already disbursed over $66.9 billion in refunds to taxpayers who have filed their tax returns this year, specifically through the Child Tax Credit program.
If you have not yet received your refund, you can verify the status of your tax return via the IRS website.
Please be aware that if you have claimed the Child Tax Credit or the Earned Income Tax Credit, it may delay the issuance of your refund.
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According to regulations, the IRS must wait until at least the middle of February to begin processing and distributing credit funds.
Amidst considerable attention on the child tax credit this year, which includes 15 states implementing their own credit and ongoing legislative efforts in Congress to expand it, we will elucidate the timeline for receiving your refund if you have claimed a credit.
Understanding the Child Tax Credit
The child tax credit serves as a tax benefit available to families with eligible children.
While the maximum amount per child stands at $2,000, it is only partially refundable.
Consequently, if the credit exceeds the amount necessary to offset owed taxes, any remaining funds may not be received.
The refundable component, termed the additional child tax credit, is set at $1,600 for the current year.
When Will You Receive Your Child Tax Credit Refund?
The Internal Revenue Service (IRS) informed CNET that for taxpayers who have filed and opted for direct deposit, most refunds associated with the child tax credit and earned income tax credit should be accessible in their bank accounts or on debit cards by February 27, provided there are no other issues with their return.
As of February 17, according to information provided to CNET by the IRS, taxpayers claiming the credit should be able to view their estimated deposit dates by utilizing the agency’s Where’s My Refund tool.
The delay, as explained by the IRS, is due to the agency’s inability to issue refunds related to the additional child tax credit (as well as the earned income tax credit) prior to mid-February.
By law, the agency is mandated to utilize this additional time to prevent fraudulent refunds.
For additional tax-related details, it is advisable to file your taxes as soon as possible. Furthermore, you can submit your tax return to the IRS for free by following the provided guidelines.