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With tax season almost over, chances are you’ll be questioning the place your tax refund is that features your little one tax credit score cash. If it has been a number of weeks because you filed your taxes with the IRS, it might be time to verify the standing of your tax return on-line.
This story is a part of Taxes 2024, CNET’s protection of one of the best tax software program, tax ideas and every thing else you might want to file your return and observe your refund.
Notice that your refund could possibly 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 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 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 may anticipate your refund in the event you’re claiming a credit score. For extra, here is our important cheat sheet for submitting this 12 months. Want extra assist submitting your taxes? This is the right way to file free of charge.
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. Which means 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 known as the extra little one tax credit score, and this 12 months the refundable quantity is $1,600.
When to anticipate 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 accessible in financial institution accounts or on debit playing cards by Feb. 27 for taxpayers who’ve filed and selected direct deposit — and there are not any different points with their return.
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The delay, in accordance with the IRS, is as a result of the company can not concern refunds involving the extra little one 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 instrument.
For extra tax info, here is why it is best to file as quickly as doable. Additionally, here is the right way to submit your tax return to the IRS free of charge.
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