The Internal Revenue Service (IRS) has unveiled the expected timeline for tax refunds, shedding light on potential delays for filers claiming additional credits like the Child Tax Credit and the Earned Income Tax Credit. While most early filers can anticipate their refunds within 21 days, those claiming specific credits might experience a wait. Here’s what you need to know about the Child Tax Credit and when to expect your refund.

Understanding the Child Tax Credit:

The Child Tax Credit serves as a tax break for families with qualifying children, offering up to $2,000 per child. However, only a portion of this credit is refundable, known as the Additional Child Tax Credit, with this year’s refundable amount set at $1,600.

Refund Timeline for Child Tax Credit Claimants:

For those claiming the Child Tax Credit and other related credits, the IRS states that refunds should be available in bank accounts or on debit cards by February 27, provided direct deposit is chosen and no issues arise with the tax return. Some filers might even see their payments deposited a few days earlier.

The IRS attributes the delay to legal obligations preventing the agency from issuing refunds involving the Additional Child Tax Credit (and the Earned Income Tax Credit) before mid-February. This extra time is mandated to prevent fraudulent refund claims.

Check Your Refund Status:

Taxpayers can track the status of their refunds through the IRS’s “Where’s My Refund?” tool. This online service will be updated with projected deposit dates for most early Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) refund filers by February 17.

While the majority of taxpayers can expect timely refunds, those claiming additional credits, such as the Child Tax Credit, should be aware of potential delays due to legal requirements aimed at preventing fraud. Stay informed and use online tools like “Where’s My Refund?” for personalized refund dates.