The IRS recently announced that tax returns using the Earned Income Tax Credit and the Additional Tax Credit will have their refunds issued. Congress approved legislation that delayed sending out these refunds until at least February 15th.
Here are the key dates:
Saturday, February 18th: IRS "Where’s My Refund" web application will be updated with refund information.
Week of Feb. 27th: Probable timeframe the refunds will be arriving in bank accounts.
Here is a copy of the announcement:
Where’s My Refund? will be updated on Feb. 18 for the vast majority of early filers who claimed the Earned Income Tax Credit or the Additional Child Tax Credit. Before Feb. 18, some taxpayers may see a projected deposit date or an intermittent message that the IRS is processing their return.
By law, the IRS is required to hold EITC and ACTC refunds until Feb. 15. However, taxpayers may not see those refunds until the week of Feb. 27. Due to differing timeframes with financial institutions, weekends and the Presidents Day holiday, these refunds likely will not start arriving in bank accounts or on debit cards until the week of Feb. 27 -- if there are no processing issues with the tax return and the taxpayer chose direct deposit.
Source: IRS e-news
Please recall this announcement only relates to held refunds that use the Earned Income Tax Credit and the Additional Tax Credit. Other refunds should be processed in normal timing.
Please consult our firm to asses your specific situation.
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