$7,430 Child Tax Credit – Refund Timing for Taxpayers
$7,430 Child Tax Credit Timeline for Families. (PHOTO: Clayton News Daily)
Delays for EITC and ACTC Claimants
Taxpayers usually receive refunds within three weeks when filing online with direct deposit according to AL.com. Those claiming certain credits like the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) must wait until at least February 27th due to extra identity checks. The EITC benefits low to moderate-income families with about 23 million recipients receiving $57 billion in 2022. Despite eligibility many Americans miss out on claiming the credit.
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ACTC: A Crucial Component of Child Tax Credit
The Additional Child Tax Credit (ACTC) is part of the Child Tax Credit helping families who owe less than the full Child Tax Credit amount. For the 2023 tax year it’s worth $1,600 per eligible child. These credits are vital for supporting families with kids, so it’s crucial to understand if you qualify and how to claim them to get the most help with your taxes.
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