Many look forward to tax season because they know they will be getting a refund. But, did you know some refunds will be held until February 15?
A new tax law change will not allow refunds for the Earned Income Tax Credit or the Additional Child Tax Credit to be issued by the IRS before February 15. This law does not just apply to the portion of the refund that is associated to those credits. It applies to the entire refund!
While these refunds will start to be released by February 15, the IRS wants taxpayers to know that it is likely the refund will not be in bank accounts or on debit cards until the week of February 27.
Here are a three things to keep in mind:
- Don’t rely solely on your refund when making decisions about purchases or financial obligations.
- Once filing season has started, you can file a return. You don’t need to wait until February 15.
- Check IRS.gov after February 15 to view your refund status.
Contact Account On Us to start your tax filing and to find answers to your refund questions.