Child Tax Credit 2024: When Will the IRS Send Your Refund? (2024)

FAQs

Child Tax Credit 2024: When Will the IRS Send Your Refund? ›

The IRS expects most EITC and ACTC related refunds to be available in taxpayer bank accounts or on debit cards by Feb. 27, 2024, if the taxpayer chose direct deposit and there are no other issues with the tax return.

should show an updated status by February 17 for most early EITC/ACTC filers. The IRS expects most EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards by February 27 if they chose direct deposit and there are no other issues with their tax return.

When to expect your child tax credit refund. For early filers, the IRS told CNET that most child tax credit and earned income tax credit refunds would be available in bank accounts or on debit cards by Feb. 27 for taxpayers who have filed and chose direct deposit -- and there are no other issues with their return.

Where's My Refund has the latest information on your return. If you don't have internet access, you may call the automated refund hotline at 800-829-1954 for a current-year refund or 866-464-2050 for an amended return.

The child tax credit (CTC) is a federal tax benefit that provides financial support for taxpayers with children. This year, the credit has been in and out of the news as lawmakers had hoped — but ultimately were unable — to expand the credit in time for the 2024 filing season.

The IRS says that tax returns can be delayed for the following reasons: It was sent by mail. It contains errors or is incomplete. It needs further review.

Taxpayers generally see their refunds 21 days after filing, but those who claim the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) will be waiting a bit longer. The IRS says most EITC and ACTC refunds will be issued by Feb.

Taxpayers claiming either of these credits can file right away since the 2024 tax season officially opened on January 29. However, the IRS says most people who claim the EITC and ACTC and expect a refund won't receive their money until February 27 at the earliest.

Right now, it is not clear whether an expanded child tax credit will become law before the end of the 2024 tax filing season (or at all). The tax package will need 60 votes to pass the Democratic-led Senate, and although the votes might be there, time is running out.

What days of the week can I receive my refund? The exact day of the week that the IRS will deposit your refund into your account can vary, but they usually send the refund on every business day, from Monday to Friday.

How long does it take to get an IRS refund in 2024? ›

Taxpayers who file electronically and choose direct deposit typically get their refund in less than 21 days. Taxpayers who don't have a bank account can find out how to open a bank account at a FDIC-insured bank or the National Credit Union Locator Tool.

After a slow start to the 2024 tax season, the average tax refund this year is now up to $3,070, a 6% increase from this time in 2023.

For single taxpayers and married individuals filing separately, the standard deduction rises to $14,600 for 2024, an increase of $750 from 2023; and for heads of households, the standard deduction will be $21,900 for tax year 2024, an increase of $1,100 from the amount for tax year 2023.

For 2024, the states offering a Child Tax Credit are: California, Colorado, Idaho, Maine, Maryland, Massachusetts, Minnesota, New Jersey, New Mexico, New York, Oklahoma, Oregon, Utah and Vermont.

The earned income tax credit

If you are eligible for this credit, the maximum amount you could receive is: $600 if you have no dependent children. $3,995 if you have one qualifying child. $6,604 if you have two qualifying children.

How has the Child Tax Credit changed over the years? The American Rescue Plan raised the maximum Child Tax Credit in 2021 to $3,600 per child for qualifying children under the age of 6 and to $3,000 per child for qualifying children ages 6 through 17.

Taxpayers who file electronically and choose direct deposit typically get their refund in less than 21 days. Taxpayers who don't have a bank account can find out how to open a bank account at a FDIC-insured bank or the National Credit Union Locator Tool.

The proposed payment amount for the Child Tax Credit expansion in 2024 (to be filed in 2025) and 2023 (to be filed in 2024) is $2,000 per qualifying child under the age of 17 as of December 31st, 2023. If the Child Tax Credit expansion does not pass, the maximum credit will remain at $2,000, with no monthly payments.

- You can start checking on the status of your return sooner - within 36 hours after you file your e-filed return or 4 weeks after a mailed paper return. It's Up-to Date! - It's updated every 24 hours - usually overnight -- so you only need to check once a day. There's no need to call IRS unless Where's My Refund?