The 2024 Tax Season has officially ended for most filers. If you have already filed your taxes weeks ago but haven’t yet got the refund, it is possible that your refund is delayed because of the 2023 child tax credit you claimed. In such a case, it is recommended that you check your refund status online.
2023 child tax credit: how to track it
The IRS usually starts sending refunds to taxpayers by the middle of February. However, the refund could get delayed if a taxpayer has claimed the child tax credit or any other credit, such as the earned income tax credit, because it takes a bit longer to process.
Most child tax credit and earned income tax credit refunds for early filers will hit the bank account or debit cards of taxpayers who selected direct deposit by February 27, provided there are no other issues with their return.
According to the IRS, it is not allowed by law to issue refunds involving the additional child tax credit before mid-February. The IRS is required to use the extra time to prevent fraudulent refunds.
So, if you have claimed the 2023 child tax credit and haven’t received the refund yet, you should check your projected deposit date by using the IRS’ Where’s My Refund tool. Taxpayers will have to enter their Social Security number or ITIN (Individual Taxpayer Identification Number) and their filing status, date and mode of filing to use the tool.
If the tool doesn’t show you the refund after entering the data, you may need to verify your personal tax data, and then try again.
The IRS even has a mobile app called IRS2Go (for both iOS and Android) that can help you track your refund. You can use the app to see if your return has been received and approved and if a refund has been issued or not.
How much credit to expect
The child tax credit usually applies to dependent children under 17, but a taxpayer needs to meet other requirements as well to qualify for the credit, including the income threshold. Taxpayers may be eligible for a partial credit if their income exceeds the income threshold.
The threshold income is $400,000 for married filing jointly, and $200,000 for single filers, head of household and married filing separately. For taxpayers with income above the threshold, the credit amount is reduced by $50 for each $1,000 above the threshold income.
The child tax credit is partially refundable and is dollar-for-dollar, which means the credit you get reduces your tax bill. The refundable portion of the credit is called the additional child tax credit.
How much the credit is refundable depends on the taxpayers’ dependent status and income criteria. The maximum refundable credit for 2023 is $1,600, while the maximum credit a family can receive is up to $2,000.
