If You Claim These Tax Credits, Your Refund May Be Delayed
Tax season starts on January 23rd, and the sooner you apply, the sooner you will receive your refund. However, if you are applying for an Earned Income Tax Credit or Supplemental Child Tax Credit, the IRS warns of a slight delay.
In a press release, the IRS said:
The IRS reminds taxpayers that the new law requires the IRS to withhold refunds of funds requiring the Earned Income Tax Credit (EITC) and Supplemental Child Tax Credit (ACTC) until February 15th. In addition, the IRS wants taxpayers to know that it will take several days for these refunds to be made and processed through financial institutions. With the weekend and President’s Day holiday in mind, the IRS is warning that many affected taxpayers may not actually have access to their refunds until the week of February 27th.
This means that even if you apply immediately after the start of the tax season, you will not receive a refund until the end of February if you claim these credits. Follow the link below to get more information from the IRS.
2017 Tax Filing Season Starts January 23rd for Taxpayers, Tax Returns Due April 18th | IRS.gov via The New York Times