Income tax refunds may get delayed until Mid-February for EITC and Child Tax Credit Returns
Income tax refunds may be delayed for taxpayers who are claiming Earned Income Tax Credit ( EITC ) and the Additional Child Tax Credit ( ACTC ).
By law, IRS cannot issue refunds claiming the Earned income tax credit and Additional child tax credit before mid-February. As per IRS new notice, the refunds will be available in taxpayer bank accounts or on their debit cards by February 27, 2018 if opted for direct deposits and if there are no other issues noted with the tax return.
Brief summary about EITC and Additional Child Tax Credit
- Earned Income Tax Credit : A taxpayer who has worked and earned less than $53,930 last year could receive EITC as a tax credit. They can claim this credit with or without a qualifying child. The eligibility amount is up to $6,318. The IRS has provided a EITC tool for taxpayers to check their eligibility online. It can be found here . EITC Tool link : https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/use-the-eitc-assistant
- Additional Child Tax Credit : A taxpayer may be eligible for Additional Child Tax Credit if they have at least one child that qualifies for child tax credit. Also, this credit may apply for individuals who get less than the full amount of the child tax credit.
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