Filing your taxes usually means a quick refund within 21 days, but if you’re claiming extra credits like the Child Tax Credit 2024 or the earned income tax credit, a delay might be on the horizon. These additional credits, while beneficial, could extend the refund process.
Photo from Google
Navigating Child Tax Credit 2024 Refund Delays and Tips for a Swift Arrival
The Child Tax Credit 2024 is a tax break families receive for qualifying children, maxing out at $2,000 per child. However, only part of it is refundable, known as the additional child tax credit, set at $1,600 this year. The catch? It’s only partially refundable, meaning you might not get the leftover money if it doesn’t cover your tax bill.
For those eagerly awaiting their Child Tax Credit 2024 refund, most should arrive in bank accounts or on debit cards by February 27, as long as direct deposit is chosen and there are no issues with the tax return. Some lucky individuals might even see their payments a few days earlier.
Why the delay? Blame it on the IRS rules. The agency cannot issue refunds involving the additional child tax credit (and the earned income tax credit) before mid-February. But don’t be annoyed; it’s a measure to prevent fraudulent refunds, ensuring your money ends up in the right hands.
READ ALSO: Unlock Your Maximum Tax Refund: How Homeowners Can Boost Returns With 3 Key Deductions In 2024!
The ‘Where’s My Refund?’ Tool and Tips for Claiming Child Tax Credit 2024
Curious about your refund date? The “Where’s My Refund?” tool will have personalized information. Expect updates with projected deposit dates for most early EITC/ACTC refund filers by February 17.
So, what’s the takeaway? If you’re claiming the Child Tax Credit 2024, be patient, stay informed, and if possible, opt for direct deposit to speed up the process. Remember, the wait is just a precaution to safeguard against fraud, ensuring that your hard-earned refund reaches you securely and on time.
READ ALSO: Minnesota State Tax Rebates Hit With Federal Taxation: IRS Issues Final ‘No’ Despite State Appeals
