There will be a wait for early filers who want to claim the extra child tax credit (ACTC) refunds in 2024. The legislation requires the IRS to hold those refunds until mid-February, so according to the IRS, taxpayers won’t be able to get their money until approximately February 27.
ACTC Tax Refund Dates 2024
The majority of taxpayers who file online, according to the IRS, get their refunds in less than 21 days. Families that claim the Additional child tax credit, in particular, will have to wait longer to get these payments for the 2023 tax year.
Taxpayers who wish to claim any of these credits may do so now, as the 2024 tax year officially began on January 29. But according to the IRS, the majority of taxpayers who file for the ACTC and anticipate a refund won’t get their money back until at least February 27.
Furthermore, the earliest date is only applicable if the taxpayers selected direct deposit and “no other issues with their tax return.” It should be noted that the whole refund that a taxpayer is entitled to receive, not just the portion obtained through the ACTC is subject to this delay.
How much ACTC Tax Refund 2024 will receive?
The ACTC is a refundable tax credit with a maximum value of $1,600 per kid in 2023 and 2025 that may be used if a taxpayer’s child tax credit exceeds their overall tax liability.
To be eligible for the ACTC, your income must have been at least $2,500. For 2023 and 2024, you can get a refund of up to $1,600 of the $2,000 CTC per child due to the Additional Child Tax Credit.
To be eligible for the ACTC, they also point out that retirement or IRA payouts, as well as unemployment assistance, do not count as earned income. In addition, low-income individuals may find that their credit is restricted to 15% of their income beyond the $2,500 minimum necessary for earned income.
Who is Eligible for ACTC Tax Refund 2024?
Additional Child Tax Credit (ACTC), is a refundable tax credit that can lower your tax burden or boost your tax refund. You must fulfil the following requirements to be qualified for the ACTC.
- At the end of the tax year, a child is under the age of 17.
- The child tax credit (CTC) must have been claimed on your tax return.
- You have to have earned income that is taxed at more than $2,500.
- Your CTC must exceed your income tax liability in a whole.
- Before the deadline for filing your taxes, your child has to have a legitimate Social Security number issued to them.
- Your son, daughter, foster kid, brother, sister, stepbrother, stepsister, grandchild, niece, or nephew are all examples of the child.
- The youngster contributes no more than half of their own support, yet you are claiming them as a dependant.
- For more than half of the year, the youngster resided with you.
- The kid is a resident alien, citizen, or national of the United States.
- Unless they are filing a return only to get a refund of taxes withheld or anticipated taxes paid, the kid does not file a joint return with anybody else.
How to File ACTC Tax Refund 2024?
You can take the following actions to file your tax return with the ACTC:
Check Eligibility
- Find out if you qualify for the ACTC. You have to fulfill the requirements outlined in my earlier reply.
Collect Information & Documents
- Collect all of your personal information and tax records, including Forms W-2, 1099, 1099-K, 1099-NEC, 1099-MISC, and 1099-INT, as well as any other income statements. Additionally, you will require the date of birth and Social Security number of your child.
Choose Return Method
- Select a filing method for your tax return. Forms 1040, 1040-SR, and Form 8812 can be filed by mail, or you can file electronically using a tax software application. If you would like, you can also get assistance from a tax expert.
Filling Form
- Complete your tax return by adding the necessary data and computations. To find out how much of the ACTC you are qualified for, you must first claim the child tax credit (CTC).
Submit your Return
- By the deadline, which for the majority of taxpayers is April 15, 2024, submit your tax return and make any necessary tax payments. If you anticipate receiving a refund, you may use the IRS2Go app or the “Where’s My Refund” option on the IRS website to find out the status of your return.
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