Income Tax Refunds Delayed for EITC and Child Tax Credit Returns

Inc. All rights reserved. This material may not be published broadcast rewritten or redistributed

Inc. All rights reserved. This material may not be published broadcast rewritten or redistributed

The day you can begin filing your taxes will be a little later this year. Although the IRS will begin accepting both electronic and paper tax returns January 29, paper returns will begin processing later in mid-February as system updates continue. Tax experts say filing a simple tax return may not be as easy as you think, especially if you are a new filer, experienced a life change in 2017, face IRS refund delays, or are concerned about how tax reform legislation will affect you in 2018.

This year, tax returns are due on Tuesday, April 17, rather than the traditional April 15.

"In 2018, April 15 falls on a Sunday, and this would usually move the filing deadline to the following Monday - April 16". The delay applies specifically if the taxpayer claimed either the Earned Income Tax Credit or the Additional Child Tax Credit. Those who use the same tax software they used last year don't have to enter prior-year information to electronically sign their 2017 tax return. The IRS noted that using an electronic filing PIN is no longer an option. The IRS expects more than four out of five tax returns to be prepared electronically using tax software. The IRS expects refunds that include those credits to reach taxpayers' accounts or debit cards beginning February 27, as long as there are no other issues with the return. For instance, after refunds leave the IRS, it takes additional time for them to be processed and for financial institutions to accept and deposit the refunds to bank accounts and products. For EITC and ACTC filers, the three-day holiday weekend involving Presidents' Day may affect refund timing. Taxpayers won't see a refund date on Where's My Refund?

The tax season is here and now H&R Block and other tax preparers are ready to serve.

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