Learn about the 2024 Child Tax Credit refund timeline, IRS processing speeds, and how to track your refund with “Where is My Refund?”.
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A Swift Start to Tax Season
This tax season has hit the ground running, with the IRS sending 2.6 million refunds in its first week. This speedy turnaround is much quicker than the three-week wait for tax return processing. However, if you have claimed credits like the child or the earned income tax credit, you might need to wait longer than others.
What is New with the Child Tax Credit?
A Closer Look at the Credit
The child tax credit is a helping hand for families with kids, offering up to $2,000 for each child. However, this credit has a catch: it is only partially refundable. If the credit is more than you owe in taxes, you might not get the extra money back.
This year, there has been much talk about the child tax credit. With 15 states introducing their credits and Congress considering increasing the federal credit, it is a hot topic that could affect many families nationwide.
When Will the Refund Arrive?
If you are waiting for your child tax credit refund, mark February 27 on your calendar. The IRS expects most refunds related to the child tax credit in bank accounts or on debit cards through direct deposit. For some lucky folks, the money might land a few days earlier.
Due to rules meant to stop fraud, the IRS has to wait until mid-February to start sending out refunds for the child tax credit and the earned income tax credit. This extra time helps the IRS ensure everything checks out before sending the money.
Keep an Eye on Your Refund
Will your refund hit your bank account? The IRS has covered you with its “Where is My Refund?” tool. By February 17, the tool will show when most early filers who claimed the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) can expect their refunds.
Wrapping It Up
As we navigate through this year’s tax season, patience goes a long way, especially for those waiting on credits like the child tax credit. While the IRS takes extra steps to ensure accuracy and fight fraud, keeping track of your refund status is easy with the right tools. Stay informed and ready, so you will be the first to know when your refund arrives.