Summary
Over 20 million Americans may face delays in receiving their tax refunds this year if they have claimed certain tax credits. The Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) could cause refunds to be delayed until at least March 2nd as the IRS needs extra time to verify claims.
Key Facts
- Over 20 million Americans claiming the EITC may experience tax refund delays.
- People using the EITC or ACTC need to wait until at least March 2 to get their refunds.
- The IRS requires time to verify claims to prevent fraud, leading to the delay.
- The average EITC received per household in 2024 was $2,916.
- By February 21, taxpayers can check refund status using the IRS "Where’s My Refund" tool online.
- The Earned Income Tax Credit supports low- to moderate-income workers.
- The Additional Child Tax Credit helps those who do not owe enough taxes to get the full Child Tax Credit.
- Eligibility for these credits depends on income, number of children, age, and student status.
