ACTC Refund Status 2024 – Check if it Received, Approved or Sent!

by
ACTC Refund Status

ACTC direct deposits take around 21 days, and Paper checks arrive about two weeks after approval. To track your refund, use the IRS’s “Where’s My Refund?” tool by providing your Social Security Number, filing status, and expected refund amount.

ACTC Refund Status 2024

For the tax year 2023, ACTC refunds are received within three after the e-filing. Direct deposits typically take around 21 days, while paper checks may arrive about two weeks after approval. 

You can monitor your refund by using the IRS’s “Where’s My Refund?”  with your Social Security Number and filing status. The maximum Additional Child Tax Credit for 2023 tax returns filed in 2024 is $2,000 per qualifying child, with income-based phase-out thresholds.

Refunds for those claiming EITC/ACTC are anticipated by 27 February 2024 for early filers, with direct deposit being the fastest method to receive refunds.

Checking Your ACTC Refund Status 

Here’s a detailed breakdown of how to check your ACTC refund status online for the 2023 tax year filed in 2024:

  • Acces the Where My Refund? toll by visiting at irs.gov/wheres-my-refund.
  • Input your Social Security number exactly as it is written on your tax return.
  • For Filing Status, choose your correct category (e.g., Single, Married Filing Jointly).
  • Refund Amount: Enter the exact whole-dollar amount of your expected refund. This should include your total refund, not just the portion from the ACTC. 
  • You can find this number on your tax return copy or on any confirmation documents you received after filing.
  • Click the “Submit” button.
  • The tool will show you the latest status of your refund. The information might include:
    • Accepted: Your return has been received and is being processed.
    • Approved: Your return has been processed and your refund has been approved.
    • Sent: Your refund has been issued. You should receive it within a few days (direct deposit) or weeks (paper check).
  • The IRS updates the “Where’s My Refund?” tool once a day, typically overnight. 
  • The tool allows you to track one tax return at a time.

ACTC Refund Eligibility Requirements 2024

The Additional Child Tax Credit (ACTC) offers tax relief to qualifying families with children. The key eligibility criteria for claiming the ACTC refund in 2024 for the 2023 tax year:

  • The child must be under 17 years old at the end of the tax year (December 31st, 2023).
  • The child can be your biological child, adopted child, stepchild, foster child, brother, sister,stepbrother, stepsister, grandchild, niece, nephew, or cousin.
  • Dependency: You must claim the child as a dependent on your tax return.
  • Residence: The child must have lived with you for more than half of the tax year (at least 183 days).
  • Support: The child cannot have provided more than half of their own financial support in the tax year.
  • Citizenship/Residency: The child must be a U.S. citizen, U.S. national, or U.S. resident alien.
  • Social Security Number: The child must have a valid Social Security number issued by the Social Security Administration (SSA) by the due date for filing your tax return (typically April 15th, extended in some cases).
  • The ACTC is designed to benefit low-to-moderate income earners. While there’s no single income limit, the credit amount you receive phases out as your income increases.
  • Income Limits:
    • Individual or Head of Household: Income less than $200,000
    • Married Filing Jointly: Earned income below $400,000
    • The credit may be lowered for incomes exceeding these limits.
  • You must file a tax return to claim the ACTC, even if you don’t owe any taxes.
  • The ACTC is refundable, meaning you can receive a tax refund even if you don’t owe any taxes. 

ACTC Refund Amount 2024

The ACTC (Additional Child Tax Credit) offers a refundable tax credit to help families with children. The key criteria regarding the ACTC refund amount for the 2023 tax year filed in 2024:

Maximum Credit Amount:

  • The maximum ACTC refund you can receive per qualifying child for the 2023 tax year (filed in 2024) is $2,000.This represents an increase from the $1,600 maximum offered in previous years.

Credit Calculation:

  • The actual ACTC refund amount you receive depends on several factors, including:
    • Your Adjusted Gross Income (AGI): As your income increases, the amount of the credit you receive gradually reduces (phases out).
    • Number of Qualifying Children: You can receive the ACTC for each qualifying child you claim on your tax return, up to the maximum per child.
    • Filing Status: Your filing status (Single, Married Filing Jointly, etc.) can affect the credit amount calculations.
  • The ACTC is a refundable credit. This means you can receive a tax refund even if you don’t owe any income taxes.
  • The refund amount will include the ACTC, along with any other tax credits you qualify for.

To Get Relevant Information. Go to NCBLPC Homepage.

Leave a Comment