According to the IRS, it takes on average less than 21 days to receive your tax refund after filing your tax return. The exception is if you claim additional credits, such as the child tax credit or the earned income tax credit. If you're one of the millions of people who claim one of these credits, you can expect delays in receiving your refund.
Not everyone who claims the Child Tax Credit will experience a delay in their tax refund. Below, we explain who is affected and when she will receive her IRS money.
For more information, see if your state has child tax credit payments this year. Need help filing your taxes? Here's how to file for free.
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What is the Child Tax Credit?
The child tax credit is a tax reduction available to households with eligible children. Families can receive up to $2,000 per child, but only a portion will be refunded. This means that if all the taxes you owe to lower your tax bill are not applied, you may not receive any additional money left over.
The refundable portion is called the Supplemental Child Tax Credit, and the refundable amount this year is $1,600.
When to expect child tax credit refunds
Most Additional Child Tax Credit-related refunds must be made available to your bank account or debit card by: February 27th, the IRS said, if a taxpayer chooses direct deposit and there are no other problems with their tax return. For some companies, your payment may arrive several days early.
The IRS says the delay is because the IRS is unable to issue refunds that include the additional child tax credit (and earned income tax credit) until mid-February. Agents are required by law to go the extra mile to prevent fraudulent refunds.
You can check “Where is my refund?” You will receive a personalized refund date. Where can I find my refund? The estimated deposit date for most early his EITC/ACTC refund applicants will be updated by. February 17th.
For more information on taxes, here's why you should file as soon as possible. We'll also show you how to file your tax return with his IRS for free.