As tax season comes to an end, it’s normal to wonder about the status of your tax refund, which includes the money for the child tax credit. If several weeks have passed since you filed your tax return with the Internal Revenue Service (IRS), it is advisable to check the status of it online. This will let you know if your return has been processed, if your refund has been issued, and when you can expect to receive it in your bank account.
Consider that your tax refund could experience a delay if you’ve claimed the child tax credit, or the earned income tax credit, both of which require additional processing that takes longer than one would like.
Why Is My Tax Refund Taking So Long?
The child tax credit is a tax benefit offered by the United States federal government to taxpayers who have minor children and meet certain requirements. This credit enables a direct decrease in the income tax they have to pay, which may result in a larger tax refund or a decrease in the amount of taxes that have to be paid.
On the other hand, the additional child tax credit is an extension of the child tax credit that benefits those taxpayers who do not qualify for the standard child tax credit because their income is too high. This additional credit is designed to help families with higher incomes receive a tax benefit related to their children.
According to the law, the IRS cannot start issuing tax refunds for those claiming these credits until mid-February at the earliest. This means that if you have claimed any of these credits, you may have to wait a little longer to receive your refund while the IRS completes the appropriate review and approval process.
So far this 2024 tax season, there have been numerous news stories related to the child tax credit. For one thing, 16 states have also implemented a similar credit, adding complexity to the tax filing process for those who qualify for both credits. On the other hand, Congress is working on expanding the child tax credit, which could directly affect those who expect to receive this tax benefit.
How to Track Your Tax Refund?
The child tax credit can reach up to $2,000 for each child, but only a part of this amount is refundable, and that’s where you need to pay attention. This means that if the credit exceeds the amount of taxes owed, the unused portion may not be received as additional money. The refundable portion is known as the additional child tax credit, with the refundable amount being $1,600 this year.
The IRS has announced that most child tax refunds, and the earned income tax credit should already be available by this time of the year, as they started being sent out as of February 27th. If there are no problems or errors in your statement, yours should have arrived in your mailbox or be on its way to arrive.
If you haven’t received your money yet and you’re claiming the credit, you should be able to see the estimated deposit date by checking the Where’s My Refund tool by the IRS.
