Once again, tax season is upon us, and a lot of Americans eagerly await their refunds, which could give them a financial boost.
Most electronically filed taxpayers get their refunds and credits (such the EITC and ACTC) in less than 21 days, according to the Internal Revenue Service (IRS).
assuming you claimed the Additional Child Tax Credit (ACTC) and filed online, you should get your refund by February 27 assuming you chose direct deposit as your refund method and your return was error-free.
To find out the exact day you will receive your refund, use the Where’s My Refund function.
What Is ACTC Tax Credit?
Even while the Child Tax Credit might pay for all of your expenses, you would not get any money back if it didn’t.
Families may be eligible to apply for the Additional Child Tax Assistance, which is an additional tax benefit, if they decide to keep the portion of the child tax credit that is not used.
The refundable part of the Child Tax Credit is known as the Additional Child Tax Credit. Families who qualify for Child Tax Credits are those who owe the IRS less money.
Under the Additional Child Tax Credit, taxpayers who meet the requirements will receive a refund of up to $1,600 in 2023. For 2024, it is $1,700.
When ACTC Payout Is Coming?
Since January 22, 2024, is when the IRS is supposed to begin processing returns, taxpayers need to be informed of the many stages of the refund procedure, from submission to approval and, finally, refund payout.
The Internal Revenue Service (IRS) reports that the majority of taxpayers who file electronically receive their refunds in less than 21 days.
Furthermore, the earliest date only matters if the taxpayers select direct deposit and there are “no other issues” with their tax return. This delay affects refunds to which a taxpayer is entitled in whole, not only the portion obtained through the ACTC.
ACTC Tax Refund Dates
Most taxpayers who file electronically usually receive their refunds in less than 21 days, according to the IRS.
Families that are eligible for the Additional Child Tax Credit, in particular, will have to wait longer to receive these benefits for the tax year 2023.
With the official start of the 2024 tax year on January 29, individuals can now claim any credits they may be eligible for.
The IRS asserts, however, that the majority of taxpayers who file the ACTC and anticipate a refund won’t get their money back until at least February 27.
Some taxpayers may receive their refunds a few days early. Find the date that works best for you and find out when you will receive your refund by using the Where’s My Refund function.
ACTC Tax Credit Eligibility
A taxpayer may use the refundable ACTC tax credit, which has a maximum value of $1,600 per kid in 2023 and 2025, if their child tax credit exceeds their overall tax burden. The list of eligible individuals for the additional child tax credit (ACTC) is shown below:
1. Married couples may be eligible for the Additional Child Tax Credit if their combined income exceeds $2,500 or up to $400,000 if they file jointly.
2. Taxpayers who earn more than that amount can be eligible for a portion of the credit. Heads of households or individual taxpayers making less than $200,000.