If you are still waiting for your child tax credit refund, and it will be 21 days since you filed your refund request with the Internal Revenue Service (IRS), let’s figure out together how to track your money and know when it will arrive.
There are some reasons why a tax refund may be delayed because the IRS found that your return is incomplete or there are errors, and that can lead to a delay in processing and issuing the credit.
It may also happen that the IRS has had to verify your eligibility to make sure that you, as a taxpayer, meet the requirements to receive this tax credit. If additional information is required or discrepancies are detected, the process may be delayed, but the IRS will likely contact you to let you know what exactly is going on.
With the background of numerous news about the child tax credit this year, where 16 states also offer a credit and Congress is working on an extension of it, we will detail when you can anticipate the refund if you have claimed this credit. To access more details, here’s our essential guide to this year’s tax return.
Money You Deserve: What Is a Child Tax Credit?
A child tax credit is a tax benefit provided by the federal government to taxpayers who have economically dependent minor children. These types of credits allow families to reduce the amount of taxes they must pay to the state,
A child tax credit is not the same as a deduction, because the latter reduces the amount of taxable income, while a tax credit decreases the amount of taxes that have to be paid.
The IRS recently reported that, for taxpayers who filed their return and opted for direct deposit, most child tax credit and earned income tax credit refunds would be available on bank accounts or debit cards by February 27, as long as there are no other problems with their return.
By law, the IRS cannot issue refunds before February 27 to return money in those earned income tax credit, or child tax credit recipients. According to the legislation by which this federal tax entity is governed, the reasonable time allows it time to avoid handing over money from fraudulently claimed refunds.
If you haven’t received your refund yet and have claimed the credit, you should be able to visualize the projected deposit date using the IRS “Where’s my Refund?” tool.
Learn to Find Your Refund Fast and Easy
Through this free tool, you will be able to find out what the status of your refund is and thus know when, more or less, the check is going to arrive.
- Access to the Tool: First, log in to the official website of the IRS (irs.gov) from your computer or mobile device. Look for the section “Where’s my refund?”
- Necessary Information: To use the tool, you will need to have certain information at hand, such as your Social Security number, your filing filing status (single, married, etc.) and the exact amount of your expected refund.
- Enter Data: Once in the tool, complete the required fields with the requested information. Make sure to enter the data accurately to get accurate results.
- Status Check: After entering the information, the tool will provide you with the current status of your refund. This includes details such as whether your return has been received, whether it is being reviewed, or whether the refund has been sent.
Deposit Date: If your refund has been approved and is scheduled to be deposited into your bank account or sent by mail, the tool will show you the estimated deposit date.