IRS Announces Additional Child Tax Credit Refund for 2024 Tax Season
The IRS recently announced that taxpayers who filed their tax returns early and claimed the Additional Child Tax Credits (ACTC) or Earned Income Credits (EITC) can expect their refunds on February 27, 2024. Due to the PATH federal law, the IRS can only process refunds for taxpayers who claimed these credits in mid-February.
Those who claimed the ACTC or EITC could track their refund status from February 17 using the IRS website or the IRS2Go mobile application. Taxpayers eligible for the ACTC refund must meet specific criteria, including having a child under 17 years old, with a modified gross income of $200,000 or less, or $400,000 or less if filing jointly with a spouse.
Families who qualify for the ACTC tax credits can receive up to $2,000 per qualifying child. For 2024, taxpayers can expect $1,700 per qualifying child, an increase from $1,600 per qualifying child in 2023. The amount may be further expand if the Senate passes a bipartisan bill.
According to the bill, the refund for child tax credits will increase from $1,800 to $2,000 in each tax year from 2023 to 2025. If the bill was pass, taxpayers who have already filed their tax returns with child tax credits will receive the amended amount.
To track the status of their refund, taxpayers can visit the official IRS website or the IRS2Go app and click on the “Check your Refund” button. If the refund is delay, it may be because the application requires correction or extra review, in which case the IRS will notify the taxpayer via letter or email.
Therefore, taxpayers waiting for the bill to pass should file their tax returns immediately, claiming child tax credits to receive all the benefits from the IRS under the updated child tax credits if the bill gets passed.
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