According to the IRS, some refunds cannot be issued before mid-February 2018. Here is what you need to know and what you need to do.
Are You Expecting a Refund in 2018?
What You Need to Know
According to the IRS, some refunds cannot be issued before mid-February 2018.
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By law, the IRS cannot issue refunds before mid-February for tax returns that claim the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC).
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This applies to the entire refund, even the portion not associated with these credits.
While the IRS will process your return when it is received, it cannot issue related refunds before mid-February 2018.
The IRS expects the earliest EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards starting on Feb 27, 2018, if they chose direct deposit and there are no other issues with the tax return.
What You Need to Do
- Be careful not to count on getting a refund by a certain date, especially when making major purchases or paying other financial obligations.
- File a complete and accurate return and include all known refundable credits with your original return.
- File when you’re ready. If you usually file early in the year and you’re ready to file a complete and accurate return, there is no need to wait to file.
About Capital Area Asset Builders
Capital Area Asset Builders (CAAB) is a non-profit organization whose mission is to empower low- and moderate-income residents of the Greater DC Area to take control of their finances, increase their savings, and build wealth for a better future.
Connect with CAAB via our social media platforms:
- Twitter: @CAAB_GreaterDC
- Facebook: https://www.facebook.com/CapitalAreaAssetBuilders
- LinkedIn: https://www.linkedin.com/company/capital-area-asset-builders
