Taxpayers eagerly awaiting their tax refunds after filing for Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) benefits in the 2024 tax season can now mark their calendars. The IRS has officially announced the refund dates for these filers, shedding light on when individuals can expect their much-anticipated refunds.

According to IRS guidelines, taxpayers who have filed electronically and opted for direct deposit can anticipate their refunds by February 27, 2024. However, for those keen on tracking their refund status, an earlier glimpse into their refund’s progress is available starting February 17, 2024.

The process adheres to federal regulations, particularly the PATH (Protecting Americans from Tax Hikes) Act, which stipulates that refunds for EITC and ACTC claims cannot be issued until mid-February. As such, February 15, 2024, marks the lifting of these obligations, allowing the IRS to proceed with the refund process.

Early filers, who may have already submitted their returns, can check their refund status using the IRS’s “Where’s My Refund?” tool as of February 17, providing them with insights into the progress of their refunds.

For those unfamiliar with tracking their refund status, the IRS has provided simple steps to follow on their official website or through the IRS2Go mobile app. Taxpayers can input essential details such as the tax year, Social Security number, filing status, and refund amount to access their refund status conveniently.

It’s important to note that while the IRS updates refund statuses once a day, there’s no need for frequent checks as the information remains current.

As for the amount of refund to expect, the figures vary based on individual circumstances. For ACTC refunds, taxpayers can anticipate up to $1700 per qualifying child, while EITC refunds range from $4 to $7430, depending on the number of qualifying children and other factors.

In conclusion, taxpayers who have claimed EITC and ACTC benefits can breathe a sigh of relief as refund dates have been officially announced. With clear guidelines on tracking refund status, individuals can now await their refunds with confidence, knowing when to expect them.