The IRS has returned $13 billion in refunds to those who submitted their tax returns early this year. (Here’s how to check the status of your refund.)
If you have filed and claimed the child tax credit or the earned income tax credit, you may still be waiting for your refund. Why? The IRS, by law, is required to wait till the middle of February at the earliest to process and send credit money.
With lots of news around the child tax credit this year — including 15 states that also have a credit, and Congress working on an expanded credit — we’ll explain when you can expect your refund if you are claiming a credit.
What is the child tax credit and additional child tax credit?
The child tax credit is a tax break that families can receive if they have qualifying children. Up to $2,000 per child can be awarded to a family, but it is only partially refundable. If you don’t apply all of it to your taxes to lower your bill, you may not get the extra money left over.
The amount of money that can be refunded is known as the additional child tax credit, and this year it is $1,600.
When can you expect your child tax credit refund this year
The IRS told CNET that most child tax credit and earned income tax credit refunds should be available in bank accounts or on debit cards by Feb. 27 for taxpayers who have filed and chose direct deposit — there are no other issues with their tax return.
As of Feb. 17, the IRS told CNET that tax filers who claim the credit should be able to check their projected deposit dates by using the agency’s Where’s My Refund tool.
According to the IRS, the delay is due to the agency’s inability to issue refunds for the additional child tax credit and the earned income tax credit before mid-February. The agency is required by law to use the extra time to prevent fraudulent refunds.
