IRS announces $1,600 refund, but only if you complete this process
One group of taxpayers could be in for a welcome financial boost in March. Here’s who qualifies and how to apply.
Tax return season inevitably means there will be good news for some people in the United States, and less so for others. The Inland Revenue Service (IRS) has revealed there is a group of taxpayers will be eligible for tax return to the tune of $1,600 in March provided they meet specific criteria.
The refund in question is credited through the Additional Child Tax Credit (ACTC), a tax relief measure that helps families reduce their tax bill and receive a partial refund. The ACTC is the refundable portion of the Child Tax Credit, but only if taxpayers claim it.
Requirements to qualify for the $1,600 IRS Refund in March
To qualify for the ACTC, individuals must meet these three requirements:
- Age: The qualifying child must be under 17 years old
- Relationship: The qualifying child must be a son, daughter, stepchild, grandchild, or qualifying dependent.
- Income Conditions: The taxpayer must meet the income limits set by the IRS to receive the full or partial credit
To receive the refund, taxpayers must have filed their tax return online, chosen direct deposit and ensured the IRS found no issues with their tax return.
How to apply for the Additional Child Tax Credit (ACTC)
Those who qualify and wish to apply for this refund must complete Schedule 8812 and file it with their Form 1040 tax return, which allows them to claim the refundable portion of the credit. The ACTC can reduce the tax bill to zero and provide IRS payments of up to $1,600 of the $2,000 per qualifying child as a refund.
When will I get my refund?
Taxpayers who filed their returns early in the tax season may already have received their refund, or will receive it imminently.
Individuals who have applied can track the estimated date of their refund on the Where’s My Refund? Section of the IRS’ official website. In general, payments arrive about 21 days after filing the return, although there may be delays in some cases.
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