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Tax season is coming to an end in just four days. And if you’re still waiting to get your child tax credit money, you’re probably wondering where your tax refund is. If it’s been several weeks since you filed your taxes with the IRS, it may be time to check the status of your tax return online.
This story is part of Taxes 2024And CNET’s coverage of the best tax software, tax tips, and everything you need to file your tax return and track your refund.
Note that your refund may be delayed because you claimed the Child Tax Credit or Earned Income Tax Credit, which take a little longer to process. according to law, tax authority Tax refunds cannot begin being sent to those claiming the credits until mid-February at the earliest.
With so much news about Child tax credit This year – incl 16 states also have a creditAnd Congress is working on Extended credit — We’ll show you when you can expect your money back if you’re claiming a credit. For more, here we have it An essential cheat sheet to present this year. Need more help filing your taxes? Here’s how to apply for free.
Read more: Best tax software for 2024
What is the Child Tax Credit and Additional Child Tax Credit?
The child tax credit is a tax break that families can get if they have qualifying children. The amount a family can receive is up to $2,000 per child, but it is only partially refundable. This means that if everything is not applied to any taxes you owe to reduce your tax bill, you may not receive the remaining extra money.
The refundable portion is called the Additional Child Tax Credit, and the refundable amount this year is $1,600.
When to expect your child tax credit refund
The IRS told CNET that most of the child tax credit and earned income tax refunds will be available in bank accounts or on debit cards by February 27 For taxpayers who have filed and chosen direct deposit – and there are no further issues with their return.
The delay, according to the IRS, is because the agency cannot issue refunds that include the Additional Child Tax Credit (and Earned Income Tax Credit) before mid-February. Agency under the lawExtra time is required to prevent fraudulent refunds.
If you haven’t received your money yet and are claiming the credit, you should be able to see your expected deposit date by checking the IRS’s Where’s My Refund tool.
For more tax information, here’s why you should file your application as soon as possible. Here’s also how to submit your tax return to the IRS for free.
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