As the IRS begins releasing refunds for taxpayers who claimed the Earned Income Tax Credit and the Additional Child Tax Credit, the tax agency reminded taxpayers that they should not expect refunds to be available in bank accounts or on debit cards until the week of Feb. 27. The additional time is due to several factors, including weekends, the Presidents Day holiday and the time banks often need to process direct deposits.
Many of these refunds had been held since the filing season started in late January due to new requirements the 2015 Protecting Americans from Tax Hikes (PATH) Act.
The IRS reminds taxpayers that the most common question taxpayers have about the status of their refund can easily be answered on IRS.gov by visiting the “Where’s My Refund?” tool. “Where’s My Refund?” will be updated Feb. 18 for the vast majority of early filers who claimed the Earned Income Tax Credit or the Additional Child Tax Credit. Before Feb. 18, some taxpayers may see a projected date or a message that the IRS is processing their return. The IRS added that “Where’s My Refund?” is only updated once daily, usually overnight, so there’s no need to check it multiple times per day.
Here are a few important things to know about tax refunds:
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There are a few changes made this year that could impact the timeline of you receiving your income tax return. A few are listed below:
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Beginning in 2017, if you claim the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) on your tax return, the IRS must hold your refund until February 15 — even the portion not associated with EITC or ACTC.
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