Tax Season officially opened for business yesterday! The IRS will now be accepting tax returns. But no matter how early a taxpayer files their return, they may not see their refund until the end of February.
Just like last year, any refund that is a result of the Earned Income Tax Credit, Additional Child Tax Credit or the American Opportunity Credit will be held until mid-February. This means that those with direct deposit will likely see their refund show up around February 28th or later. While this can be inconvenient, please remember that the IRS is trying to prevent fraudulently filed returns.
The entire refund will be held; the IRS will not release the portion that isn't "part of" the credits mentioned above. If you're not sure if your refund is a result of any of these credits you can check lines 66, 67 and 68 on page 2 of your 1040 (lines 42, 43 and 44 on 1040A). If there is an amount on any of those lines, expect your refund to be held. If you're still unsure feel free to DM me!
Your Mobile Tax Pro,
Liz
Just like last year, any refund that is a result of the Earned Income Tax Credit, Additional Child Tax Credit or the American Opportunity Credit will be held until mid-February. This means that those with direct deposit will likely see their refund show up around February 28th or later. While this can be inconvenient, please remember that the IRS is trying to prevent fraudulently filed returns.
The entire refund will be held; the IRS will not release the portion that isn't "part of" the credits mentioned above. If you're not sure if your refund is a result of any of these credits you can check lines 66, 67 and 68 on page 2 of your 1040 (lines 42, 43 and 44 on 1040A). If there is an amount on any of those lines, expect your refund to be held. If you're still unsure feel free to DM me!
Your Mobile Tax Pro,
Liz