If you are also waiting for that Child Tax Credit money as if it were the last train of the night? Well, hold on, because the IRS is slower than town wifi. It turns out that this year they decided to review with a magnifying glass the statements that request the tax credit (CTC) and its extra version (ACTC). The result? Refunds stuck like floating in the limbo.
Here’s the thing: for years, the IRS has had a bad habit of delaying these refunds to hunt for fraud. But in 2024, things look worse. Between old systems, scarce staff and procedures that seem like a labyrinth, families who need that money to pay for basic things (hello, inflation) are up to their necks in worry. And the credit is juicy: up to $2,000 per child.
IRS entanglements? What is happening with your money
First, forget about “show up early and get paid fast.” If your return includes the ACTC or EITC (that low-income credit), the IRS won’t release a dime before February 15. The excuse? Check that there are no shenanigans.
But there’s more: if you entered a Social Security number wrong, forgot to sign, or the system detects something strange (like your 3-year-old son appearing as CEO of a company), your return will go to the limbo of “manual reviews.” Translation: months of waiting. And don’t even dream of calling! The IRS lines are more saturated than the subway during rush hour.
Tips so that the IRS doesn’t make you lose your mind
All is not lost. If you want your refund to arrive one day (even if it’s in Narnia), follow these tips:
If you want your refund to arrive one day (even if it’s in Narnia), follow these tips:
- Play it safe with the requirements: Your child must be under 17, live with you for more than half a year and not earn alone as an influencer. If you are single and earn more than $200,000 (or $400,000 for those filing as a couple), the credit is reduced. And the child’s Social Security history must be completely impeccable.
- No paper, everything digital: Filing on paper is like sending a letter by carrier pigeon, which means it can get lost along the way. Use programs like TurboTax or go to an accountant. And choose direct deposit: this way you avoid the check being lost in the mail or your bank charging a fee for cashing it.
The ACTC is the problematic brother
This extra credit (which gives you up to $1,600 back) is great, but it comes with the fine print: If you ask for it, your refund won’t go out until after February 15. The “Where’s My Refund?” tool IRS is your new best friend. But be careful: if you use it more than three times a day, you will become paranoid. Better check once in the morning and once at night… like looking at your ex’s cell phone.
If 21 days have passed since your return was accepted and you don’t see a shadow of the money, do this:
- Check if there were errors (did you enter your address correctly? Is the deposit to your account?).
- If everything is correct, call the IRS… but be prepared to wait in line for 40 minutes listening to elevator music.
- If you suspect identity theft, activate a fraud alert. Never underestimate hackers.
In the meantime, resist the temptation to spend the refund before you have it, because several things can happen that could cause the money to not come at all.
