For those who have children and are waiting on their 2018 tax refunds, they should be there soon.
“Many people with children are going to be able to claim the Earned Income Tax Credit,” said Michael Devine with the Internal Revenue Service. “In 2017, when you filed last year, more than 474,000 individuals and families claimed over $1 billion in credits from the Earned Income Tax Credit. The law changed about three years ago. The refunds from any return that claims either the EITC or the Additional Child Tax Credit, those refunds have to be held by the IRS until February 15.”
This is so the IRS can prevent fraud.
“Those returns that came in early have been processed,” said Devine. The refunds that are due have been held until the 15th. Now, they’re going to start being released by the IRS. The Treasury Department will start working on that. You won’t see the money immediately if you’re in that category, because it can take up to 10 days before you actually get the money into your bank account.”
There is also the President’s Day Holiday to deal with, so all pre-filed EITC and ACTC refunds should be direct deposited by February 27.