EIC is covered by the PATH Act.
Starting on January 24, 2022, the Internal Revenue Service (IRS) officially kicked off the opening of the 2022 tax filing season and is now accepting and processing tax year 2021 e-filed tax returns.
TurboTax is also officially open and accepting e-filed returns. That means that you can file now and be first in line for your tax refund!
To get your tax refund as quickly as possible, the IRS urges people to prepare their taxes as soon as they have the information needed to file and choose e-file with direct deposit. Overall, the IRS anticipates most taxpayers will receive their refund within 21 days of acceptance when they e-file with direct deposit if there are no issues with their tax return.
Under the Protecting Americans from Tax Hikes (PATH) Act, signed into law in December 2015, the IRS cannot issue refunds that include Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) before mid-February.
The PATH Act, which applies to all tax preparation methods, is intended to help detect and prevent tax fraud. The extended refund release also gives the IRS more time to ensure taxpayers are properly claiming the credits, so they get the refund they are owed.
If you have questions about the processing of your tax refund, the IRS “Where’s My Refund?” page is the best place to get personalized refund information when you need it.
For more information on the PATH Act and other tax laws, check back here with the TurboTax blog
