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Tax season is coming to an finish in simply 4 days. And in the event you’re nonetheless ready to get your little one 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 could be time to verify the standing of your tax return on-line.
This story is a part of Taxes 2024, CNET’s protection of the perfect tax software program, tax ideas and the whole lot else you should file your return and monitor your refund.
Be aware that your refund may very well be delayed since you claimed the little one tax credit score or the earned earnings tax credit score, which takes a bit longer to course of. By legislation, the IRS could not start sending tax refunds to these claiming the credit till the center of February on the earliest.
With numerous information across the little one tax credit score this 12 months — together with 16 states that even have a credit score, and Congress engaged on an expanded credit score — we’ll clarify when you’ll be able to count on your refund in the event you’re claiming a credit score. For extra, this is our important cheat sheet for submitting this 12 months. Want extra assist submitting your taxes? This is easy methods to file without spending a dime.
Learn extra: Greatest Tax Software program for 2024
What’s the little one tax credit score and extra little one 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 little one, nevertheless it’s solely partially refundable. Meaning if not all is utilized to any taxes you owe to decrease your tax invoice, chances are you’ll not obtain the extra cash left over.
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The refundable portion is named the extra little one tax credit score, and this 12 months the refundable quantity is $1,600.
When to count on your little one tax credit score refund
The IRS advised CNET that the majority little one tax credit score and earned earnings tax credit score refunds could be out there 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.
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The delay, in keeping with the IRS, is as a result of the company can’t problem refunds involving the extra little one tax credit score (and the earned earnings tax credit score) earlier than mid-February. The company, by legislation, is required to make use of the additional time to forestall fraudulent refunds.
If you have not acquired your cash but and also you’re claiming the credit score, you must be capable of see your projected deposit date by checking the IRS’ The place’s My Refund instrument.
For extra tax info, this is why you must file as quickly as doable. Additionally, this is easy methods to submit your tax return to the IRS without spending a dime.
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