On February 15, 2024, when the IRS starts processing tax returns, the PATH Act is anticipated to be lifted. The U.S. Treasury does not provide refunds right now; the majority are anticipated to be deposited by February 27th, 2024.
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PATH Act Deposit Dates 2024
A US law known as the PATH Act has an impact on some tax refunds. It directs that the IRS delay taxpayers’ refunds for the Additional Child Tax Credit (ACTC) and Earned Income Tax Credit (EITC) until late February 15. Through the verification of information on the tax returns, fraud and identity theft will be prevented.
Some sources indicate that starting on February 17, 2024, the IRS will probably lift the PATH Act and release information on refund payment status. Payments for the first batch of PATH held refunds will probably be made by direct deposit on February 27, 2024.
| Tax Refund Approval Date | Direct Deposit Release Date |
| Feb 17 | Feb 27 |
| Feb 24 | Mar 5 |
| Mar 2 | Mar 12 |
| Mar 9 | Mar 19 |
| Mar 16 | Mar 26 |
| Mar 23 | Apr 2 |
| Mar 30 | Apr 9 |
| Apr 6 | Apr 16 |
| Apr 13 | Apr 23 |
| Apr 20 | Apr 30 |
| Apr 27 | May 7 |
| May 4 | May 14 |
| May 11 | May 21 |
| May 18 | May 28 |
| May 25 | Jun 4 |
| Jun 1 | Jun 11 |
| Jun 8 | Jun 18 |
| Jun 15 | Jun 25 |
| Jun 22 | Jul 2 |
| Jun 29 | Jul 9 |
These dates, however, are tentative and subject to vary based on IRS processing time and other variables. You may use the IRS2Go app or the IRS website to check the status of your refund.
How to verify the status of your PATH Act 2024?
You may utilise the IRS website or app’s “Where’s My Refund” option to find out the status of your PATH Act deposit 2024. As required by the PATH Act, the tool will not display any data prior to February 17, 2024.
You will require the exact adjusted gross income (AGI) from your tax return, your Social Security number, and your filing status. Here is the step by step guide to check or Verify the status of your PATH Act 2024.
- Open the IRS app or website and proceed to Where’s My Refund?
- Enter your AGI, filing status, and Social Security number on a website exactly as you did on your return. Don’t round off quantities or use approximations.
- Your refund status will be displayed by the tool, along with “Accepted“, “Approved” and “Sent“.
You can check, track and verify your PATH Act Deposit 2024 status in a while by following the above mentioned procedure.
What is the PATH Act 2024 and how does it work?
An Obama-era law known as the Protecting Americans from Tax Hikes (PATH) Act of 2015 extended or renewed a number of tax credits for people, families, and companies while putting protections in place to stop fraudulent claims for those benefits.
The PATH Act is probably responsible if you receive a delayed tax return this year as a result of using tax credits. After this legislation was enacted into law in 2015, the ACTC and EITC experienced a number of adjustments.
For instance, the PATH Act amended an expiring tax law that instead of the current $3,000 barrier, would have excluded $10,000 in income from receiving the ACTC. Because the PATH Act guaranteed that the $3,000 threshold would remain constant, more families will be able to take advantage of this tax benefit.
Additionally, for married or joint tax filers, the PATH Act permanently raised the income phase-out level for the Earned Income Tax Credit by $5,000. Once more, according to their income, this modification allowed more couples to be eligible for the EITC.
The PATH Act comes with a trade-off of increased government control over tax returns. This is because of a clause in the legislation’s fine print that requires the IRS to withhold refunds from anyone who claims these credits.
What are the Benefits of the PATH Act?
The PATH Act 2024 offers additional advantages to both individuals and corporations. These advantages include extending or permanently sizing certain tax credits, reducing the corporation built-in gains tax period, allowing tax-free IRA charitable donations, and offering tax relief to low-income or disaster-affected areas.
These perks could enable taxpayers to support their businesses, save money, and give back to the community. It has some advantages for both people and companies, like:
- Giving some tax benefits, including the Earned Income Tax Credit (EITC), the Section 179 deduction for depreciation, a permanent or extended status.
- lowering S companies’ 10-year built-in gains tax period to a 5-year term.
- tax-free charitable contributions from an IRA to those over 70 and a half years of age.
- Encouraging workers and their families who live in low-income regions or are impacted by disasters to receive tax assistance.
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I GET WHY IT’S DONE BUT WHEN YOU’VE BEEN WITH THE SAME COMPANY CLAIMING THE SAME DEPENDANTS AND USING THE SAME TAX PREPARER FOR THE LAST NINE YEARS THERE IS NO REASON TO STILL BE HOLDING ON TO SOMEONES TAXES TO INVESTIGATE.