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Millions of Americans will begin receiving their tax refunds this week, but some may see delays if they claim the Child Tax Credit or the Earned Income Tax Credit.
According to the IRS, those who filed their taxes early in the season, which began on January 24, and claimed either of those two tax credits are still expected to receive their refund checks this week. The IRS stated specifically that taxpayers who filed electronically chose direct deposit for their refund, and were not flagged by the IRS as having an issue with their forms may expect to receive their refunds by March 1.
Taxpayers who request physical checks for one or both of the tax credits may have to wait several days for the funds to arrive in the mail, even if they are filed electronically. The IRS typically takes a bit longer to process these returns to detect any fraud.
On average, almost 30 million families and around 25 million individuals claim the Child Tax Credit.
The majority of taxpayers in the United States are expected to get their tax refunds within 21 days of filing their taxes.
According to data, the majority of Americans have not yet filed their taxes.
The deadline for filing is April 18. The IRS website allows you to check the status of your refund online.
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