IRS Announces Child Tax Credit Refunds to be Available by February 27
If you’re one of the millions of Americans who have filed their taxes this year and are still waiting for your refund, the Internal Revenue Service (IRS) has some good news. The agency announced that most child tax credit refunds will be available in bank accounts or debit cards by February 27.
According to the IRS, more than $66.9 billion in refunds have already been issued to taxpayers who have submitted their tax returns this year. However, you may have yet to receive your refund if you claimed the child tax credit or still need a tax credit. By law, the IRS must wait until the middle of February to process and send credit money as soon as possible.
The child tax credit is a tax break families can receive if they have qualifying children. A family can receive up to $2,000 per child, but it’s only partially refundable. If not all of it is applied to any taxes you owe to lower your tax bill, you may not receive the additional money left over. The refundable portion is called the extra child tax credit; this year, the refundable amount is $1,600.
Most child tax credit and earned income tax credit refunds should be available in bank accounts or debit cards by February 27 for taxpayers who have filed and chosen direct deposit. Taxpayers claiming the credit should be able to see their projected deposit dates by checking the agency’s Where’s My Refund tool.
The IRS delays refunds involving the additional child tax credit (and the earned income tax credit) until mid-February to prevent fraudulent refunds. With lots of news around the child tax credit this year — including 15 states with credit and Congress working on an expanded credit — it’s essential to file your taxes as soon as possible to ensure you receive your refund promptly.
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