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Tax season kicks off on January 23rd. Filing early typically means an earlier refund, but if you claim the Earned-Income Tax Credit or the Additional Child Tax Credit, the IRS has issued a warning about possible delays.
According to an IRS press release:
The IRS has issued a reminder that a new law mandates holding refunds for Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) claims until February 15. Additionally, the agency has stated it will take a few days for these refunds to be processed through financial institutions. Considering weekends and the President’s Day holiday, the IRS cautions that many taxpayers affected may not see their refunds until the week of February 27.
This means that even if you file as soon as tax season begins, you won’t receive your refund until late February if you claim these credits. Visit the link below for further details from the IRS.
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