Child Tax Credit 2024: The IRS reports that it takes the average taxpayer less than twenty-one days to receive their tax refunds after submitting their tax returns. Unless they are eligible for additional tax credits, such as the earned income tax credit and the child tax credit. One possible consequence of the millions of individuals claiming either of those credits is a possible postponement in the issuance of your refund.
Reimbursement delays for the child tax credit will not affect all taxpayers. Those impacted are detailed below, along with the anticipated arrival date of your IRS funds.
Determine if your state is remitting child tax credit payments this year for further information. Interested in submitting your taxes? The following describes how to submit for free.
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What is the tax credit for children?
With the child tax credit, qualifying families are eligible for a tax deduction. Per child, a family is eligible to receive a maximum of $2,000; however, this amount is only partially refundable. Whichever remains after the full amount is deducted from any taxes owed to reduce your tax liability, you might not be eligible to receive the remaining funds.
The refundable portion is known as the additional child tax credit, and it is worth $1,600 this year.
When to anticipate your refund of the child tax credit
According to the IRS, most taxpayers who choose direct deposit and have no other issues with their tax return should expect to receive their additional child tax credit refunds in their bank accounts or loaded onto debit cards by February 27. In certain situations, they may receive their payments a few days ahead of schedule.
The IRS states that they have postponed issuing refunds for the earned income tax credit and the additional child tax credit until mid-February. The agency must use the additional time to prevent fraudulent refunds, as required by law.
You can view the date of your personalized refund by visiting Where Is My Refund? By February 17, projected deposit dates for the majority of early EITC/ACTC refund filers will be updated on Where’s My Refund?
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