The Earned Income Tax Credit (EITC) is a refundable tax credit that helps taxpayers lower their tax burden and receive a return if they meet certain criteria. But after filing, how do you know when you can expect the returns? The IRS has provided guidance on when to expect your EITC returns.
Where’s My Refund? will show an updated status by Feb. 18 for most early EITC/ACTC filers. This tool can be used to track the progress of your return, so it’s important to keep this in mind when you file your taxes. If Where’s My Refund? does not provide an update by Feb. 18, this may mean that the IRS needs more information from you or that there is an issue with your return and it needs further review. In these cases, it is wise to contact a professional tax preparer to ensure that your return goes through correctly and quickly with no further delay or issues.
The IRS expects most EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards by Feb. 28 if taxpayers chose direct deposit and there are no other issues with their tax return. If there are any issues with the account information submitted on the return, then the refund could take longer than expected due to additional processing time needed on behalf of the financial institution associated with the account provided on the return. Additionally, if you filed paper returns, those refunds may take longer than electronically-filed returns due to additional processing time needed for manual review of all paper returns before being processed for payment. It is important to remember that each case is unique and may require additional time for processing depending on individual circumstances such as fraud safeguards being triggered on a particular case or incorrect information being entered onto a particular tax form resulting in delays in processing that specific form/return associated with it as well as any other forms/returns filed together at the same time as part of one complete submission package (e-file).
The IRS has provided guidance on when taxpayers can expect their EITC returns, but it is important to remember that each case is unique and may require additional time for processing depending on individual circumstances such as fraud safeguards being triggered or incorrect information being entered onto a particular form resulting in delays in processing not only that form but also any other forms filed together at the same time as part of one complete submission package (e-file). By using Where’s My Refund?, taxpayers can track their progress and get updates from the IRS regarding their return status and estimated availability dates for their EITC refunds. With this knowledge, taxpayers can better plan ahead for what funds will be available for them during this upcoming period of filing season.
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