The Internal Revenue Service (IRS) has officially opened the 2024 tax filing season, accepting and processing individual federal tax returns.
With millions of returns already submitted, many taxpayers are eager to track their refunds, especially those claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC).
The IRS expects over 140 million individual tax returns for the 2024 tax year, all due before the federal deadline of Tuesday, April 15, 2024. To avoid errors or scams, taxpayers are encouraged to use a trusted tax professional or IRS-approved tax software.
ACTC Refunds
Taxpayers who claimed the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) can expect to receive their refunds before March 3, 2024.
However, some refunds may arrive a few days earlier depending on the processing speed of the IRS and your bank.
Factors
- Bank Processing Time: Financial institutions may take extra time to process direct deposits, especially on weekends or holidays.
- Federal and Local Holidays: If a holiday falls within the refund processing period, it may slow down the payment timeline.
- Filing Errors: Incorrect tax return details or missing information could delay processing and refund issuance.
Legal Rules
By law, refunds that include the EITC or ACTC cannot be issued before mid-February. The IRS must take additional steps to prevent fraudulent claims and ensure all eligibility requirements are met.
How to Track
If you claimed the EITC or ACTC, you can check the status of your refund using the following methods:
- IRS Online Account: Log into your IRS personal financial account for refund details.
- “Where’s My Refund?” Tool: Visit the official IRS refund tracking page for updates.
- IRS2Go App: Download the IRS2Go mobile app to monitor your refund status.
Important Reminder
The IRS updates refund statuses once per day, usually overnight. Checking multiple times a day will not provide new information, so it is best to wait for the next daily update.
FAQs
When is the 2024 tax filing deadline?
The deadline to file 2024 federal tax returns is April 15, 2024.
When will I receive my ACTC refund?
Most EITC and ACTC refunds will be issued before March 3, 2024.
Why is my refund delayed?
Delays may occur due to bank processing, holidays, or tax return errors.
How can I track my IRS refund?
Use the IRS ‘Where’s My Refund?’ tool, IRS2Go app, or your online IRS account.
How often does the IRS update refund statuses?
The IRS updates refund information once per day, usually overnight.
