Federal income tax filers who claimed popular income tax credits will have to wait another week or so for their tax refunds, according to IRS officials.
Recent legislation requires the IRS to hold refunds for tax returns claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) until mid-February. IRS officials say the policy change will help the agency to better detect fraud and ensure taxpayers get the refund they are owed.
The IRS will begin to release those refunds starting Feb. 15, and the the “Where’s My Refund?” tool at IRS.gov or via the IRS2Go mobile app will be updated within a few days.
Still the IRS cautions taxpayers not to expect their refunds to bank accounts or debit cards until the week of Feb. 27. The delay is due to several factors, including processing time for banks and financial institutions and the President’s Day three-day weekend.
