Taxpayers who have claimed extra credits via EITC/ ACTC credits had to wait till mid-February to receive their tax refund under the PATH Act. The wait is over now, you must be wondering about your tax refund. To make it easy for you, we have prepared the IRS PATH schedule for 2024 and other important information.
IRS PATH Act 2024 Schedule
The tax season began on 29 January this year, and many taxpayers who have e-filed their tax returns may have already received the tax refund. The taxpayers who have filed tax returns claiming extra credits like Earned Income Tax Credit (EITC)/ Additional Child Tax Credit (ACTC) may have faced delays in their tax refunds due to the federal PATH Act.
The EITC is for those people who work part-time or full-time, they can have extra cash in their pocket with this tax break. The federal PATH Act or Protecting Americans from Tax Hikes Act has restricted the IRS from proceeding with the tax refunds of taxpayers who have claimed EITC/ ACTC credits.
The EITC/ ACTC credits help families to get extra credits on their tax refunds which is a beneficial deal. The federal had withheld the tax refunds until 15 February to make sure that the funds would go to the needy and that no fraud and scams were happening with the extra credits. So, now, let’s move on to the schedule of the IRS PATH Act 2024:
| Date | Event |
| 29 January 2024 | Tax filing season starts |
| 15 February,2024 | PATH Act obligations will be lifted |
| 27 February 2024 | Tax refunds (if you have early e-file your tax returns) |
Eligibility to qualify for EITC/ACTC
The taxpayers must fulfill the following criteria, to qualify for EITC credits on their tax returns:
- Your earned income should be under $63,398.
- Your income from an investment should be under or below $11,000.
- You should be a resident alien or a US citizen.
- You should have a valid Social Security number.
- You should not file Foreign Earned Income, Form 2555.
- There are some special qualifying rules for Clergy members, military members, taxpayers, and their disabled relatives.
For ACTC credits, there are the following eligibility criteria for the child:
- The child must be under 17 years of age or younger.
- The child must not have provided support for the tax year.
- The child should be dependent on your tax return
- He should be living with you for more than a year.
- The child should be a citizen of the States or a US resident alien.
- The child must have a valid social security number.
Tax Refund for EITC/ ACTC Claimants
As mentioned earlier, the taxpayers claiming EITC/ ACTC can expect their tax refunds on 27 February 2024.
According to the IRS, taxpayers who come under the PATH Act can expect their tax refund on 27 Feb, but some taxpayers can expect their refunds early on any working day after 15 Feb 2024.
Amount of tax refund for ACTC claims:
The taxpayers can expect tax refunds of up to $1700 for ACTC 2024 claims. Last year, it was $1600 per qualifying child.
Amount of tax refund for EITC claims:
Federal EITC:
| Qualifying children Numbers | Joined return for couples | Maximum credits | For singles, widowed, or Head of Household |
| 0 | $20,600 | $510 | $15010 |
| 1 | $45,207 | $3,400 | $39617 |
| 2 | $50,597 | $5,616 | $45007 |
| 3 or more | $53,930 | $6,318 | $48,340 |
The EITC credits are categorized as the credits for single, and married taxpayers, and the maximum credit they can receive with their children or not.
How can you check the status of your EITC/ACTC tax refunds?
The taxpayers can check the status of the EITC/ ACTC tax refunds on the IRS “Where’s My Refund” tool.
The tool is available on the official website of the IRS and the mobile application of the IRS called IRS2Go can provide information on your refunds from 17 February 2024.
Follow the simple steps to know the status of your EITC/ ACTC tax refunds:
- Go to the official website of the IRS and scroll down to “Get your Refund status”
- Now, navigate to check your Refund button in blue and click on that.
- You will land on a new page, where you will be asked to fill in certain information such as social security number, filing status, whole calculated refund amount, and tax year.
- Now, come to the “Submit” button, click on that, and submit your request to know your tax refund status.
- After the submission of the request, you will land on another page where you will get the status of your tax refunds.
Here ends our IRS PATH refunds schedule and all the information you need about your tax refunds with extra credits.
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