It's tax time, and many individuals and families are eager to receive a tax refund. With rising costs due to inflation, any bit of extra money can make a big difference. Are you expecting a refund but have yet to see the funds hit your bank account? Some taxpayers can expect their tax refund in the coming days. Here's what you need to know:
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Some taxpayers are eligible for a refund and receive their refund payments quickly. But that's not the case for all. For those who claim the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC), there is a longer wait to receive a refund payment.
By law, refunds that include these credits can't be issued before mid-February. The IRS needs additional time to verify eligibility and prevent errors and fraud.
If you've claimed either of these credits, you may be wondering when you will receive your refund. Your payment may hit your bank account soon.
More tax refunds will be paid on March 1
Taxpayers who claimed the EITC or the ACTC are likely still awaiting their refund payments. These credits offer a much-needed financial boost for many families so waiting for a refund can be frustrating.
Are you still waiting for your refund? It could be coming your way on March 1, 2022.
If you claimed the EITC or the ACTC, you could expect your refund payment on March 1 if the following is true:
You filed your return online
You choose to receive your refund by direct deposit
The IRS found no issues with your tax return
Taxpayers who meet the above criteria may see their refund a few days earlier.
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