Early tax filers may not receive refunds within 21 days unless they claim additional credits like the 2024 Child Tax Credit or earned income tax credit, which may delay the refund process.
Source: Business Insider
2024 Child Tax Credit: Early tax filers may not receive their refunds within 21 days. Extra credits may delay the refund. In most cases, people receive their tax refunds within 21 days or less of submitting their tax returns, according to the IRS. That is unless they are claiming additional credits, such as the child tax credit and earned income tax credit. You may experience a delay in receiving your refund if you claim either of these credits.
Taxes 2024 is CNET’s coverage of tax software, tax tips, and everything else you need to file your return and track your refund.
We will explain below how a delay in tax refunds affects individuals and provide an expected arrival date for your IRS funds.
To learn more, click here to learn if your state is sending child tax credit payments this year.
Child Tax Credit 2024: Catch Up On The Recent Developments
In the event a family has qualifying children, they may be eligible for a child tax credit. Families can receive up to $2,000 per child, but the amount is only partially refundable. In other words, if you do not apply all of the funds to your taxes to lower your tax bill, you may not receive any additional funds.
The additional child tax credit is currently refundable in the amount of $1,600.
Most additional child tax credit refunds should be available by February 27 if taxpayers choose direct deposit, the IRS said. In some cases, payments may even be deposited sooner than anticipated.
By law, the IRS cannot refund additional child tax credits (and earned income tax credits) before mid-February to prevent fraud.
Visit Where’s My Refund? to find out when your refund will be processed. Where is my refund?
Here is a list of reasons why you should file your tax return as soon as possible. Also, here is a list of free ways to file your tax return.
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