2024 Tax Refund Schedule Child Tax Credit – Check Status and Eligibility!

The IRS typically starts processing tax returns within 21 days of receiving them electronically. If you file electronically and choose direct deposit, you could receive your refund within 10 days after the IRS accepts your return.

2024 Tax Refund Schedule Child Tax Credit

Taxpayers claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) can expect their refunds by February 27, if filed online with direct deposit and no issues. 

Filing Method & Refund Option Estimated Refund Timeline Notes
E-file with Direct Deposit Mid-February 2024 (Starting) Fastest option, aiming for peak refunds by Feb 27th.
E-file with Mailed Check 3-4 weeks after IRS receives return Slower than direct deposit, may experience mailing delays.
Paper Filed with Direct Deposit 6-8 weeks after IRS receives return Slower processing due to paper forms.
Paper Filed with Mailed Check 8-12 weeks after IRS receives return Slowest option due to both paper forms and mailing.

The IRS must hold these refunds until mid-February by law to prevent fraudulent refunds. The Where’s My Refund tool provides personalised refund dates, with updates expected by February 17 for early EITC/ACTC filers. 

Financial institutions may take time to process direct deposits, especially on weekends or holidays. To expedite refunds, filing electronically and opting for direct deposit is recommended.

How can I check the status of my CTC tax refund?

You can check the status of your CTC tax refund online by going through the step-by-step instructions below.

Visit the IRS “Where’s My Refund?” tool:

  • Access the toll by visiting at https://www.irs.gov/wheres-my-refund

Enter your personal information:

  • You will need to provide your:
    • Social Security number
    • Filing status (e.g., Single, Married Filing Jointly)
    • Exact amount of your refund (if known)

Submit your information:

  • The tool will search for your tax return and display the estimated date your refund will be issued or deposited.

Some points to keep in mind:

  • The “Where’s My Refund?” tool typically updates once a day, usually overnight.
  • The tool will display one of several messages depending on the status of your return:
    • “Return Received”: The IRS has received your return and is processing it.
    • “Your refund is scheduled to be issued by”: This indicates the estimated date you will receive your refund.
    • “We apologise, but we cannot provide a specific date”: This message usually means your return requires further review, and you may receive a letter from the IRS explaining the reason for the delay.

2024 Tax Refund Child Tax Credit Eligibility 

Eligibility requirements for claiming the Child Tax Credit (CTC) on your 2023 tax return (filed in 2024):

  • Age: Under the age of 17 at the end of 2023.
  • Relationship: Your son, daughter, stepchild, eligible foster child, brother, sister, stepbrother, stepsister, half-brother, half-sister, or a descendant of any of these (e.g., grandchild, niece, or nephew).
  • Residence: Lived with you for more than half of the year (exceptions apply for birth, death, temporary absences,kidnapped/missing children, or children of divorced/separated parents).
  • Financial Support: Provided no more than half of their own financial support during the year.
  • Tax Filing: Not filing a joint return with their spouse (except to claim a refund of withheld income tax or estimated tax paid).
  • Social Security Number: Must have a valid Social Security number issued by the Social Security Administration before the due date of your tax return (including extensions).

Factors affecting CTC Refund Schedule 2024

While the IRS doesn’t provide specific dates for individual refunds, several factors can influence when you receive your CTC refund in 2024:

General Refund Factors:

  • Filing method: Electronic filing with direct deposit is generally faster than paper filing with mailed checks. The IRS prioritises electronic submissions due to efficiency.
  • Completeness of your return: Ensure all required information and documentation are included to avoid delays caused by missing details or the need for IRS verification.
  • Errors or inconsistencies: Any errors in your tax return, such as miscalculations or missing information, can trigger delays while the IRS investigates and resolves the issue.
  • Overall workload of the IRS: During peak filing seasons, the IRS may experience higher processing volumes, potentially impacting turnaround times.

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