U.S. Department of the Treasury Internal Revenue Service (IRS) 1040 Individual Income Tax forms for the 2016 tax year are arranged for a photograph in Tiskilwa, Illinois, U.S., on Tuesday, March 28, 2017. Due to the Emancipation day holiday, this yea …
Americans who filed their taxes early this year may already see money in their accounts, but claiming two specific credits will hold up your tax refund.
What we know:
Tax refunds will be delayed for taxpayers who claim either the Earned Income Tax Credit or the Additional Child Tax Credit.
Federal law requires the IRS to hold refunds until mid-February, regardless of when the tax return was filed, to give the agency time to verify income accuracy and the identity of the taxpayer.
Most returns are expected by early March for those who file online, choose direct deposit and have no filing issues.
Earned Income Tax Credit and Additional Child Tax Credit
By the numbers:
The Earned Income Tax Credit is worth anywhere from $649 for taxpayers with no children to $8,046 for three children or more. The Additional Child Tax Credit is a refundable portion of the Child Tax Credit, providing up to $1,700.
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Injured Spouse Allocation
Dig deeper:
Tax returns that include an IRS Form 8379, Injured Spouse Allocation, will also see a delayed tax return.
The form allows a spouse who filed a joint return to claim their share of a joint refund that was seized to pay the other spouse's past-due federal debt, state taxes, child support or student loans.
Here's when to expect your tax refund from the IRS
Tax season kicked off last week, which means some Americans could see their refunds in just a few weeks.
Refund status
What you can do:
Taxpayers can check the status of their refund using the IRS online tool "Where's My Refund?"within 24 hours for those filing electronically, and within four weeks for returns filed by paper.
The Source: Information from this article was sourced from the IRS.