Still haven’t received your 2023 child tax credit? Here’s how to track it:
For most filers, the 2024 tax season is officially over. If you already filed your taxes a few weeks ago and haven’t received your refund yet, your refund may be delayed because of the 2023 child tax credit you claimed. In these cases, we recommend that you check your refund status online.
2023 Child Tax Credit: How to Track It
The IRS typically begins sending refunds to taxpayers in mid-February. However, if the taxpayer applies for other tax credits such as child tax credit or earned income tax credit, the processing time may be somewhat longer and refund may be delayed.
Most Child Tax Credit and Earned Income Tax Credit refunds for early filers will be deposited into the bank account or debit card of taxpayers who choose direct deposit by February 27, unless there are other issues with their return.
According to the IRS, you are not permitted by law to issue refunds related to the Additional Child Tax Credit before mid-February. The IRS must use additional time to prevent fraudulent refunds.
So, if you filed for the 2023 Child Tax Credit but haven’t yet received your refund, you should use the IRS’s Where’s My Refund tool to check your expected deposit date. To use the tool, taxpayers must enter their Social Security number or Individual Taxpayer Identification Number (ITIN) and their taxpayer type, date, and payment method.
If the tool doesn’t display your refund after entering your data, you may need to verify your personal tax data and try again.
The IRS also has a mobile app called IRS2Go (for both iOS and Android) that can help you track your refund. You can use the app to check whether your return has been received and approved and whether your refund has been issued.
How much credit can I expect?
The child tax credit generally applies to dependent children under age 17, but taxpayers must also meet other requirements to qualify for the credit, including income limits. Taxpayers may be eligible for a partial deduction if their income exceeds the income threshold.
The income threshold is $400,000 for married filing jointly and $200,000 for single filers, head of household, and married filing jointly. For taxpayers whose income exceeds the threshold, the credit is reduced by $50 for every $1,000 of income over the threshold.
The child tax credit is partially refundable, dollar for dollar. That means the deduction you receive reduces your tax bill. The refundable portion of the credit is called the Additional Child Tax Credit.
The refundable amount of the tax credit depends on the taxpayer’s dependent status and income criteria. The maximum refundable credit for 2023 is $1,600, and the maximum credit a family can receive is up to $2,000.
