The 2024 tax season ended last Monday, April 15, when the tax filing window closed in all 50 states and Washington DC (with certain exceptions, such as the case of San Diego, CA, where the tax filing date was delayed due to inclement weather).
If you filed your application for a child tax credit, and you qualify to receive that money, you may be wondering where your long-awaited money is. It’s important to note that the processing of your refund could experience delays if you claimed the child tax credit or the earned income tax credit. These credits involve an additional verification procedure by the Internal Revenue Service (IRS), which may take longer.
What Is the Child Tax Credit and Who Qualifies in 2024
The tax system has been more hectic than usual, with 16 states with their own brand-new tax credits, and Congress working on an extension of it, we want to clarify when you can expect to receive your refund if you have applied for such a credit.
The child tax credit is a tax benefit that qualifying families can receive if they have children who meet the established requirements. This credit can go up to $2,000 for each child, but only a part of this amount is refundable.
This means that if the credit does not cover all of the taxes owed to reduce the tax bill, the family may not receive the additional amount as a refund. This refundable portion is known as the additional child tax credit, with the refundable amount being $1,600 for this year.
To be eligible for the child tax credit this year, you must meet several requirements set by the Internal Revenue Service (IRS). These requirements include having a modified adjusted gross income (MAGI) of $200,000 or less if filing an individual return, or $400,000 or less if filing a joint return. In addition, the child for whom you are applying for the credit must have been under the age of 17 at the end of the previous tax year.
It is necessary that both you and the child have a valid Social Security number and that the family relationship meets the specific criteria, such as being your biological child, stepchild, adopted child, brother, legally recognized half-brother or half-sister, or a descendant of these categories. In addition, the child must not have contributed more than half of his own financial support and must have lived with you for more than half a year. Finally, it is critical that you are claiming the child as a dependent on your tax return and that you are a U.S. citizen or resident alien.
When Can I Expect My 2024 Child Tax Credit Check?
According to the IRS said in a statement, most of the refunds for these child tax credits, and earned income tax credits, will be available before next February 27, and will be sent in a timely manner to those taxpayers who filed and chose direct deposit to a bank account, and hoping that there will be no extraordinary delay.
The date of February 27 has been set because the IRS cannot issue refunds related to the aforementioned tax credits before mid-February, which is because that’s the way the law is. Under current federal law, the IRS is required to use the extra time to prevent fraudulent refunds.
If you haven’t received your check or deposit yet, and you’re claiming the child tax credit, you should be able to see your projected deposit date by checking the IRS’ Where’s My Refund tool.
