Youngster Tax Credit score 2024: When Is Your Tax Refund Coming?

The IRS to date this tax season has despatched practically $93 billion in tax refunds to those that’ve submitted their tax returns. Should you’re not one of many tens of thousands and thousands who’ve acquired their refund but, you’ll be able to test the standing of your tax return on-line.

This story is a part of Taxes 2024, CNET’s protection of the very best tax software program, tax suggestions and the whole lot else you’ll want to file your return and monitor your refund.

Observe that if you have not acquired your refund but, it may very well be since you claimed the youngster tax credit score or the earned earnings tax credit score which takes a bit longer to course of. By legislation, the IRS is required to attend until the center of February on the earliest to course of and ship credit score cash.

With plenty of information across the youngster tax credit score this yr — together with 16 states that even have a credit score, and Congress engaged on an expanded credit score — we’ll clarify when you’ll be able to count on your refund in case you are claiming a credit score. For extra, here is our important cheat sheet for submitting this yr. Want extra assist submitting your taxes? This is how you can file without cost. 

Learn extra: Finest Tax Software program for 2024

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What’s the youngster tax credit score and extra youngster tax credit score?

The kid tax credit score is a tax break households can obtain if they’ve qualifying youngsters. The quantity a household can obtain is as much as $2,000 per youngster, nevertheless it’s solely partially refundable. Meaning if not all is utilized to any taxes you owe to decrease your tax invoice, chances are you’ll not obtain the extra cash left over. 

The refundable portion is known as the extra youngster tax credit score, and this yr the refundable quantity is $1,600. 

When to count on your youngster tax credit score refund

The IRS instructed CNET that the majority youngster tax credit score and earned earnings tax credit score refunds can be accessible in financial institution accounts or on debit playing cards by Feb. 27 for taxpayers who’ve filed and selected direct deposit — and there aren’t any different points with their return. 

The delay, in keeping with the IRS, is as a result of the company can’t difficulty refunds involving the extra youngster tax credit score (and the earned earnings tax credit score) earlier than mid-February. The company, by legislation, is required to make use of the additional time to stop fraudulent refunds.

If you have not acquired your cash but and also you’re claiming the credit score, it’s best to be capable to see your projected deposit date by checking the IRS’ The place’s My Refund device. 

For extra tax data, here is why it’s best to file as quickly as doable. Additionally, here is how you can submit your tax return to the IRS without cost.

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