IRS must hold Earned Income Tax Credit refunds until mid-February
IRS must hold Earned Income Tax Credit refunds until mid-February
Tax filing season begins in late January. And this year, low-income filers who qualify for two popular tax credits may have to wait longer than usual for a refund. Every year, the Earned Income Tax Credit (EITC) funnels about $60 billion to working, low-income tax filers. The average refund is just over $3,000. But in an effort to reduce errors and fraud, starting this year, the IRS is required to hold those refunds until Feb. 15. That’s about two weeks later than in past years. Child tax credit refunds will also be delayed.
Click the above audio player to hear the full story.
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.
