Millions Await $8,046 Tax Refunds: When to Expect Payments
Image Source: Internet
The Internal Revenue Service has issued an update for millions of taxpayers waiting for their tax refunds, with payments worth up to $8,046 at stake.
Those who claimed the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) may face delays due to the PATH Act, which requires the IRS to hold refunds until at least mid-February to prevent fraud.
According to the IRS, refunds will be held in full, not just the part related to the credit claimed on the tax return.
Taxpayers can track their refund status using the IRS 'Where's My Refund' tool.
The EITC is a fully refundable federal tax credit for low and moderate income workers, with a maximum credit of up to $8,046 for taxpayers with three or more qualifying children.
The ACTC is the refundable part of the Child Tax Credit, helping taxpayers with little or no tax liability, with a maximum refund of up to $1,700 per qualifying child.
The IRS advises taxpayers to wait until they have all necessary documents before filing, including Forms W-2, 1099, and other income statements.
