New York Parents With Child Tax Credits WILL Experience Delay
If you filed your taxes in the great state of New York, and you claimed the Child Tax Credits, you will experience a delay in getting your return. Here's why.
According to the IRS, if you claimed the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC), you can expect to get your refund by February 27th. This might be longer than you expected to see money in your bank account:
However, some taxpayers may see their refunds a few days earlier. Check Where’s My Refund for your personalized refund date. Where's My Refund should show an updated status by February 17 for most early EITC/ACTC filers. Additionally, your financial institution may need time to accept your direct deposit or issue a debit card. Many institutions don’t process payments on weekends or holidays."
So why is there a delay?
If you end up with a delayed tax refund this year due to tax credits you used, the PATH Act likely is the reason why. This legislation was passed into law in 2015, and it brought with it several changes to the ACTC and EITC.
Forbes points out the following too:
Also be aware that this delay applies to the entire refund a taxpayer is entitled to receive, and not just amounts that come through the EITC or ACTC."
The PATH Act also permanently increased the income phase-out threshold for the EITC by $5,000 for tax filers who file jointly or are married. You can read the full breakdown from Forbes online here.
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