Additional Child Tax Credit Refund Date, Status and Eligibility!

Taxpayers who are early filers must have received their tax refund by now from the IRS. However, if you have filed tax returns claiming the child tax credits or Earned Income Tax credits, then your refunds must have not been processed by the IRS till mid-February.

Additional Child Tax Credit Refund Date

Tax season started on 29 January 2024, and many early filers must have already received their tax refunds. Taxpayers who have children and claimed for the Additional Child Tax Credits (ACTC) or Earned Income Credits (EITC) may not have received their tax refund as the IRS cannot process their tax refund till mid-February due to the PATH federal law.

The wait for taxpayers who have claimed the (ACTC) or (EITC) will end soon. The taxpayers who have filed early for the tax returns with ACTC or EITC can expect their tax refund on 27 February 2024. The IRS stated the 27 Feb date for the taxpayers claiming the ACTC/ EITC.

Some taxpayers can get the refund a few days earlier as after mid-February, the IRS will begin to process the refund of ACTC/ EITC credits.

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Dates	Events
29 January 2024	Tax season begins
15 April 2024	Tax returns deadline
27 February 2024	Tax refund expected for ACTC/ EITC claimers

After 17 February, the taxpayers claiming the child tax credits or earned income tax credit can track their tax refunds on the IRS website or IRS2Go mobile applications.

How to track your ACTC tax refund?

Taxpayers can track their tax refund status on the IRS website and the mobile application of the IRS called IRS2Go. Follow the below steps to check the status of the tax refund:

• Go to the official website of the IRS or the app.
• Now, navigate to Refunds on the homepage and scroll down you will find a blue button saying “Check your Refund,” click on that.
• A new page will appear on your screen, where you have to enter the required details, such as your Social Security number, filing status, the tax year you are filing for, and the refund amount.
• Submit the details, and in a few minutes, your tax refund status will be displayed on your screen.

If your refund gets delayed more than you expected, then your application must need correction or extra review. If the agency requires more information to process your refund, the IRS will notify you via letter or email.

Eligibility for the ACTC claim

Taxpayers who are yet to file the child tax credits can check the following criteria to know if they are eligible for the ACTC refunds:

• The child must be an independent child under the age of 17 years.
• The child should not provide more than half of their financial support during the year.
• The child must be living with you for more than half the year.
• The child must be legally realized, such as your son, daughter, half-brother & sister, foster child, stepbrother, stepsister, brother, sister, or grandchild.
• Your modified gross income should be $200,000 or less and if you are filing a tax return jointly with your spouse, then MAGI should be $400,000 or less.
• The child must be a citizen of the United States or a US resident alien. 

How much you can get in your ACTC tax refund?

The taxpayers who qualify for the ACTC tax credits can get a maximum amount of $2000 per qualifying child. Last year, families got $1600 per qualifying child of the $2000 CTC per child. 2024 taxpayers claiming ACTC can expect $1700 per qualifying child.

However, the amount may be expanded for the child tax credits eligible families, if the bipartisan bill is passed by the Senate.

Should you wait for the Child Tax Credit 2024 updates?

According to the bill, the refund of child tax credits will expand from $1800 to $1900 to $2000 in each tax year from 2023 to 2025. The bill has now moved to the Senate and has already passed through the House of Representatives.

The taxpayers who have already filed the tax returns with child tax credits will receive the amended amount if the bill is passed.

So, people waiting for the bill,  no need to worry and file your tax returns immediately claiming child tax credits, you will receive all the benefits from the IRS under the updated child tax credits if the bill gets passed.

To Get Relevant Information. Go to NCBLPC Homepage.