Postponements for EITC and ACTC Recipients
When filing online with direct deposit, taxpayers typically receive their refunds in three weeks, according to AL.com. Due to further identity checks, those claiming certain benefits, such as the further Child Tax Credit (ACTC) or Earned Income Tax Credit (EITC), must wait until at least February 27th. About 23 million families with low to moderate incomes will benefit from the EITC, with a projected $57 billion in payments to them in 2022. Many eligible Americans do not take advantage of the credit.
ACTC: An Essential Part of the Child Tax Credit
Families that owe less than the entire Child Tax Credit amount might get assistance through the Additional Child Tax Credit (ACTC), a component of the Child Tax Credit. Per qualified child, it is worth $1,600 for the 2023 tax year. To receive the greatest assistance with your taxes, it’s imperative to know if you qualify for these credits and how to file a claim because they are essential for helping families with children.
