MILLIONS of parents and childless Americans can claim up to $7,000 they pay in taxes this year.
The extended child tax credit expired late last year as thousands of families stopped receiving direct payments in early 2022.
However, many people are still able to receive a large amount of money from the IRS starting in March.
Eligible parents will still be able to claim additional funds from child tax credits.
The expansion allows families to get a total of up to $3,600 for those with children five and younger, but only half the credit is used in monthly payments.
That means some families will get up to $1,800 more when they get it tax refund.
Parents received monthly checks they should have received letter 6149 from the IRSindicate the amount they received from their child tax credit.
However, parents aren’t the only ones who can make extra money this tax season.
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Millions of adults are also newly eligible for the Earned Income Tax Credit (EITC), a tax credit aimed primarily at lower- and middle-income Americans.
This year, the IRS once again expanded eligibility for the EITC, allowing youth without children to claim leave that can be up to nearly $7,000.
The IRS has warned taxpayers that, by law, they cannot refund the EITC or the Additional Child Tax Credit (ACTC) before mid-February.
The agency said it expected those refunds to arrive by March 1 at the earliest for applicants who opted for direct deposit and had no other issues with returning their funds. surname.
When is the tax refund paid?
The IRS is currently accepting income tax returns.
If you file a tax return electronicthe The IRS says your refund will be released in less than three weeks and faster when you choose direct deposit.
If you file your tax return on paper, you can expect to wait six to eight weeks for your refund.
Filing during the peak tax season often results in longer wait times. So, if you need a quick refund, try to apply as soon as possible.
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https://www.the-sun.com/money/4669735/parents-childless-americans-claim-thousands-tax-refunds/ Millions of parents and childless Americans can claim $7,000 in tax refunds as IRS confirms exact date money will arrive