It’s tax season, and many individuals and families are looking forward to getting a refund. With inflation driving up expenses, even a small amount of additional cash may make a major impact. Are you anticipating a tax return but the money have failed to arrive in your bank account? Some taxpayers can look forward to receiving their refund in the coming days. What you need to know is as follows:
Some taxpayers are qualified for a refund, and their refunds are processed fast. However, this isn’t the case for everyone. There is a lengthier delay for people who claim the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) to get a refund payment.
Per USA Today, the legislation states that tax refunds containing these credits are not allowed to be provided until the middle of February. Additional time is required by the IRS to verify eligibility and avoid mistakes and fraud. If you’ve applied for any of these credits, you might be wondering when you’ll get your money back. It’s possible that your payment may arrive in your bank account shortly.
Tax refunds to be sent on March 1
Taxpayers who claimed the EITC or ACTC are very certainly still waiting for their tax refunds. For many families, these credits provide a much-needed financial boost, so waiting for a return may be frustrating. Have you received your tax refund yet? On March 1, 2022, it might be heading your way. If you claimed the EITC or ACTC, your refund money might arrive on March 1 if the following conditions are met:
- You submitted your tax return online
- You chose to receive your tax refund by direct deposit.
- Your tax return was deemed to be error-free by the IRS.
People will need their Social Security number or their Individual Taxpayer Identification Number, their filing status (such as married filing jointly), and their precise return amount to check the status of their refund at the IRS webpage “Where’s My Refund?“
People may check the status of their refund within 24 hours of filing an electronically filed return with the IRS, or four weeks after mailing a paper return, according to the IRS. Per CBS News, the tool will tell the taxpayer about three stages of processing: when their return is received, when their refund is authorized, and when their refund is issued.