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q113
Level 2

Direct Deposit CTC

So i heard they will be releasing the funds on the 15th according to the path act or is it the 1st of March according to Turbo Tax

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2 Replies
rjs
Level 15
Level 15

Direct Deposit CTC

The PATH Act does not allow the IRS to send refunds that include the Child Tax Credit until after February 15. The IRS says that if you use direct deposit the refund should be in your bank account by March 1. It could take a few days longer if you are paying your TurboTax fees from your federal refund.


From the IRS web site:


"According to the Protecting Americans from Tax Hikes (PATH) Act, the IRS cannot issue EITC and ACTC refunds before mid-February. The IRS expects most EITC/Additional CTC related refunds to be available in taxpayer bank accounts or on debit cards by March 1, if they chose direct deposit and there are no other issues with their tax return."


Tax Season Refund Frequently Asked Questions

 

Direct Deposit CTC

From the IRS directly :   https://www.irs.gov/refunds/tax-season-refund-frequently-asked-questions

 

How quickly will I get my refund?

We issue most refunds in less than 21 calendar days. However, it’s possible your tax return may require additional review and take longer. Where’s My Refund? has the most up to date information available about your refund.

It is taking the IRS more than 21 days to issue refunds for some 2020 tax returns that require review including incorrect Recovery Rebate Credit amounts, or that used 2019 income to figure the Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC).

I’m counting on my refund for something important. Can I expect to receive it in 21 days?

Many different factors can affect the timing of your refund after we receive your return. Even though we issue most refunds in less than 21 days, it’s possible your refund may take longer. Also, remember to take into consideration the time it takes for your financial institution to post the refund to your account or for you to receive it by mail.

It's been longer than 21 days since the IRS received my return and I haven’t gotten my refund. Why?

Some tax returns take longer to process than others for many reasons, including when a return:

  • Includes errors, such as incorrect Recovery Rebate Credit
  • Is incomplete
  • Needs further review in general
  • Is affected by identity theft or fraud
  • Includes a claim filed for an Earned Income Tax Credit or an Additional Child Tax Credit. See Q&A below.
  • Includes a Form 8379, Injured Spouse Allocation PDF, which could take up to 14 weeks to process

For the latest information on IRS refund processing during the COVID-19 pandemic, see the IRS Operations Status page.

We will contact you by mail when (or if) we need more information to process your return. If we’re still processing your return or correcting an error, neither Where’s My Refund? or our phone representatives will be able to provide you with your specific refund date. Please check Where’s My Refund? for updated information on your refund.

I claimed the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) on my tax return. When can I expect my refund?

According to the Protecting Americans from Tax Hikes (PATH) Act, the IRS cannot issue EITC and ACTC refunds before mid-February. The IRS expects most EITC/Additional CTC related refunds to be available in taxpayer bank accounts or on debit cards by  March 1, if they chose direct deposit and there are no other issues with their tax return. However, some taxpayers may see their refunds a few days earlier. Check Where’s My Refund for your personalized refund date.

Where’s My Refund? on IRS.gov and the IRS2Go mobile app remains the best way to check the status of a refund. WMR on IRS.gov and the IRS2Go app will be updated with projected deposit dates for most early EITC/ACTC refund filers by February 19.

Will calling you help me get my refund any faster?

No. unless Where’s My Refund? directs you to call us, our representatives will not be able to provide any additional information.

If Where’s My Refund? says that we’re still processing your return, our representatives won’t be able to give you a specific refund date.

What information does Where’s My Refund? have?

Usually information on the most recent tax year refund we have on file for you.

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