It’s tax time, and many individuals and families are eager to receive a tax refund. With rising costs due to inflation, any bit of extra money can make a big difference. Are you expecting a refund but have yet to see the funds hit your bank account? Some taxpayers can expect their tax refund in the coming days. Here’s what you need to know:
Some taxpayers are eligible for a refund and receive their refund payments quickly. But that’s not the case for all. For those who claim the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC), there is a longer wait to receive a refund payment.
By law, refunds that include these credits can’t be issued before mid-February. The IRS needs additional time to verify eligibility and prevent errors and fraud.
If you’ve claimed either of these credits, you may be wondering when you will receive your refund. Your payment may hit your bank account soon.
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More tax refunds will be paid March 1
Taxpayers who claimed the EITC or the ACTC are likely still awaiting their refund payments. These credits offer a much-needed financial boost for many families so waiting for a refund can be frustrating.
Are you still waiting for your refund? It could be coming your way on March 1, 2022.
If you claimed the EITC or the ACTC, you could expect your refund payment on March 1 if the following is true:
- You filed your return online
- You choose to receive your refund by direct deposit
- The IRS found no issues with your tax return
Taxpayers who meet the above criteria may see their refund a few days earlier.
As a note, it could take a few extra days for your bank to accept your refund payment – so don’t be alarmed if you don’t see a payment on March 1.
If you’re still waiting for your tax refund and want to get an idea of your expected payment timeline, use the Where’s My Refund tool, which is made available by the IRS.
REFUND UPDATE: Average check is $2,201; $9.5 billion total issued so far
The 2022 federal tax filing deadline is April 18
If you have yet to file your tax return, now is the time to act. The 2022 federal tax filing deadline is April 18, 2022. Filing your tax return is an important personal finance task.
For most taxpayers, it takes time to gather the necessary documents and information needed to file a return. For this reason, now is a perfect time to begin the tax preparation and filing process.
Online tax software makes filing your federal and state income tax returns easy. Whether you owe additional taxes or are expecting a refund, the software can guide you throughout the entire process, so you’re able to file and submit your return sooner.
If you still need to file and plan to use software to get the job done, check out our best tax software list to find the right software for your tax situation. If money is tight and you want to avoid extra expenses, review our best free tax software list.
TAX REFUNDS: Stimulus payments, child credits could complicate filings
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George is Digismak’s reported cum editor with 13 years of experience in Journalism