If You’re Expecting A Tax Return – You Might Have To Wait Longer
Tis the season when people start anticipating their tax return. If you are one of the fortunate ones who actually gets a refund (and doesn't have to pay), you might want to be know that you might be getting your refund later than usual. So, plan accordingly.
The IRS has announced that they will begin processing 2016 tax returns on Monday, January 23. While it typically takes less than 21 days for federal refunds to arrive from the date of submission, the IRS has cautioned taxpayers that Earned income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) refunds won't be released until February 15, meaning that these refunds will begin arriving on February 27.
Beginning in 2017, if you claim the EITC or ACTC on your tax return, the IRS must hold your refund until Feb. 15. This new law requires the IRS to hold the entire refund — even the portion not associated with the EITC or ACTC.