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$1700 ACTC Refund Date – Status, Eligibility, and How to Claim?

The Additional Child Tax Credit is refundable. Families with less IRS debt qualify for Child Tax Credits. The Additional Child Tax Credit will be repaid to eligible taxpayers by February 27, including those who have filed tax refunds electronically in the initial stage.

$1700 ACTC Refund Date

Taxpayers with dependent children under 17 are eligible for the nonrefundable child tax credit (CTC). The credit has the potential to either eliminate or significantly lower your tax burden. Additionally, certain taxpayers may qualify for the “additional child tax credit” (ACTC), which offers a partial return of the benefit. 

Because the Child Tax Credit is non-refundable, any amount beyond what the credit reduces to zero will not be reimbursed. The Additional Child Tax Credit is a separate tax credit that may be offered to families that choose to retain the amount of the child tax credit that is not utilized. As to the IRS, taxpayers covered by the PATH Act are expected to get their tax return on February 27.

How to Claim the Additional Tax Credit in 2024?

The Additional child tax credit and the extra child tax credit are available for the tax year 2023 if you submit your federal tax return (Form 1040 or 1040-SR) by April 15, 2024, or by October 15, 2024, if you are filing for an extension of tax time. 

Along with your 1040, you must also complete Schedule 8812, “Credits for Qualifying Children and Other Dependents.” You may use this schedule to calculate the amount of your child tax credit and, if appropriate, the amount of the partial refund that you may be eligible to receive.

$1700 ACTC Refund Date

The majority of high-quality tax software streamlines the process of claiming the child tax credit by asking you a series of interview questions and even filling out the documents automatically. You may also be eligible for free tax software via IRS Free File if your income is below a specific level.

Who qualifies for the $1700 ACTC Refund?

The child tax credit will be worth $2,000 per qualified kid for the 2024 tax year (tax returns filed in 2025), with an extra $1,700 in possible refunds via the child tax credit.

When taxpayers submit their tax returns in 2024, they will be able to claim the child tax credit for the 2023 tax year. You and your eligible kid must generally satisfy seven “tests”: age, income, citizenship, residence, dependent status, relationship, and financial support. 

  • Age: By the end of 2023, your kid had to be under seventeen.
  • Relationship: The kid you’re claiming has to be your biological child (e.g., grandchild, niece, nephew), son, daughter, stepchild, foster child, brother, sister, half-brother, half-sister, stepbrother, or stepsister).
  • Dependency status: The kid must be able to be legitimately claimed as your dependant. Additionally, the kid is not permitted to submit a joint tax return unless they do so to get a reimbursement for taxes that were estimated or withheld.
  • Residency: Unless there are certain exclusions, the kid you are claiming must have resided with you for at least half of the year.
  • Financial support: During the last year, you had to have contributed at least half of the child’s maintenance. Put differently, your eligible kid is probably not qualified if they could support themselves for more than six months.
  • Citizenship: Your kid must have a valid Social Security number and be a “U.S. citizen, U.S. national, or U.S. resident alien,” according to the IRS.
  • Income: To qualify for the credit, parents or carers usually cannot earn more than a particular amount. The amount that your income surpasses that level determines how much the credit is decreased, and eventually, goes away.

How can you check the status of your ACTC tax refunds?

Using the IRS “Where’s My Refund” feature, taxpayers may monitor the progress of their ACTC tax returns. The tool may be found on the IRS’s official website, and starting on February 17, 2024, the IRS2Go mobile application can provide you with information on your refunds.

To find out the status of your ACTC tax refund, just follow these steps:

  • Visit the IRS’s official website and choose “Get your Refund status” by scrolling down.
  • Proceed to the blue “Check Your Refund” button and click it.
  • You will be prompted to enter some details on a new page, including your social security number, filing status, the total amount of your estimated refund, and the tax year.
  • Proceed to the “Submit” button, press it, and send in your request to find out the status of your tax refund.
  • You will be taken to a new website where you may check the status of your tax refunds after submitting your request.

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