For many people, the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) in the US was a welcome stimulus check. However, some people are still owed a refund.
If you filed your return online, chose direct deposit for your refund, and there were no difficulties with your return, you can obtain a stimulus check by March 1, 2022. However, it’s conceivable that you’ll get your refund a few days ahead of schedule.
$3600 Stimulus Checks Will Be Given Out
The ARPA made $1400 stimulus checks obtainable for all qualified dependents and caregivers, while the improved Child Tax Credit saw $3,600 given to each child below age 6 and $3000 for each child aged 6 to 17.
Most residents should get their rebates within 21 days of filing, according to the IRS. When you file a full paper tax return with no mistakes, the IRS will send your refund six to eight weeks after they receive your return.
Refunds should arrive in less than three weeks for those who submitted their tax returns online. It can be much faster if you choose direct deposit. Some taxpayers, according to social media posts, have already received their refunds.
Another factor to consider is that your financial institution may take longer to execute your direct deposit or issue a debit card if it falls on a weekend or holiday, as many banks do not handle payments on weekends or holidays. As a result, keep in mind that this might affect the time it takes for you to get your refund.
Because of the legislation, the IRS is unable to provide EITC or ACTC refunds until mid-February, and this applies to your whole refund, not just the portion related to the credit you claimed on your tax return.
If you were one of those people who claimed the EITC or ACTC, the IRS may require more information from you about your return. If this is the case, you will be sent a letter.