Tax season is officially here, and the IRS has begun accepting and processing 2024 federal tax returns. Millions of taxpayers have already filed, including those claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC). If you’re expecting a refund under these credits, knowing when to expect it can help with financial planning.
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Refund Timeline
If you claimed the EITC or ACTC, your refund should arrive before March 3, 2024. However, some taxpayers may receive their refunds earlier, depending on how quickly the IRS processes their returns.
For most early filers, the IRS updates refund statuses by February 22. You can check the status of your refund using the “Where’s My Refund?” tool on the IRS website or the IRS2Go app.
Processing Delays
Although the IRS aims to issue refunds promptly, several factors can cause delays:
- Bank Processing Time: Even after the IRS issues your refund, financial institutions may take additional time to process the deposit. Banks and credit unions do not process payments on weekends or federal holidays, which can extend wait times.
- Return Errors: If there are discrepancies or missing information in your tax return, the IRS may need additional time to verify details.
- Fraud Prevention Checks: The IRS uses strict fraud detection measures, especially for EITC and ACTC claims, which could slow down processing.
Legal Restrictions
By law, the IRS cannot issue refunds for EITC or ACTC claims before mid-February. This rule exists to prevent fraudulent claims and ensure all returns undergo proper verification. If you filed early, keep in mind that your refund will not be processed until after this mandatory waiting period.
How to Track Your Refund
If you’re waiting for your refund, here are the best ways to track it:
- IRS Online Account: Log in to your IRS personal financial account for the latest updates.
- Where’s My Refund?: Enter your Social Security number, filing status, and refund amount on the IRS website to check the status.
- IRS2Go App: Download the official IRS app to get real-time refund updates.
These tools update once daily, usually overnight. Checking multiple times a day won’t provide new information, so be patient and check once per day for updates.
Factors
Even if the IRS processes your refund on time, several external factors can impact when you receive it:
| Factor | How It Affects Your Refund |
|---|---|
| Bank processing times | Some banks take longer to process direct deposits. |
| Holidays/weekends | Payments do not process on non-business days. |
| Errors in your return | Incorrect or missing information can delay processing. |
| IRS fraud checks | Extra verification steps may slow down refunds. |
If your refund is delayed beyond the expected date, double-check your tax return for errors and monitor the IRS tracking tools for updates.
Tax season can be stressful, but staying informed about refund timelines and tracking options can help ease concerns. If you claimed the ACTC, expect your refund before March 3, 2024, but keep in mind that delays are possible due to processing times, errors, or bank policies. For the most up-to-date information, rely on IRS tools rather than checking multiple sources.
FAQs
When will I get my ACTC refund?
Most refunds for ACTC filers will arrive before March 3, 2024.
Why is my refund delayed?
Delays may be due to errors, fraud checks, or bank processing times.
Can I track my refund online?
Yes, use ‘Where’s My Refund?’ on the IRS website or the IRS2Go app.
Does the IRS process refunds on weekends?
No, the IRS and banks do not process payments on weekends or holidays.
How often does the IRS update refund statuses?
Refund statuses update once daily, usually overnight.
