If you’ve got filed your tax return with the IRS and also you claimed the kid tax credit score, you are possible questioning when your tax refund will arrive. Fortunately, you possibly can test the standing of your tax return on-line as a substitute of anxiously checking your checking account every morning.

This story is a part of Taxes 2024, CNET’s protection of the most effective tax software program, tax ideas and all the things else it is advisable to file your return and monitor your refund.

Note that if you have not gotten your refund but, it may very well be since you claimed the baby tax credit score or the earned revenue 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 a lot of information across the baby tax credit score this yr — together with 16 states that even have a credit score, and Congress engaged on an expanded credit score — we’ll clarify when you possibly can anticipate your refund in the event you’re claiming a credit score. For extra, this is our important cheat sheet for submitting this yr. Need extra assist submitting your taxes? Here’s the best way to file without cost. 

Read extra: Best Tax Software for 2024

tax tips badge art

What is the kid tax credit score and extra baby tax credit score?

The baby tax credit score is a tax break households can obtain if they’ve qualifying kids. The quantity a household can obtain is as much as $2,000 per baby, but it surely’s solely partially refundable. That means if not all is utilized to any taxes you owe to decrease your tax invoice, it’s possible you’ll not obtain the extra cash left over. 

The refundable portion is known as the extra baby tax credit score, and this yr the refundable quantity is $1,600. 

When to anticipate your baby tax credit score refund

The IRS informed CNET that the majority baby tax credit score and earned revenue tax credit score refunds can 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. 

The delay, based on the IRS, is as a result of the company can’t concern refunds involving the extra baby tax credit score (and the earned revenue 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 obtained your cash but and also you’re claiming the credit score, you must be capable to see your projected deposit date by checking the IRS’ Where’s My Refund device. 

For extra tax data, this is why you must file as quickly as doable. Also, this is the best way to submit your tax return to the IRS without cost.



Source link