Starting this tax season, consumers who claim the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) on their income tax returns may have to wait longer than in previous years to receive their tax refund. Due to a new law, the IRS will not start direct depositing or mailing tax refunds, which include the EITC or the ACTC, until February 15, 2017.
Check out the CFPB blogpost here:
In the blogpost, we outline steps consumers can take to make sure the IRS can process their tax return as quickly as possible, and tips for consumers to financially prepare if they have to wait longer than expected to receive their refund.
Prior to each tax season, we work to help consumers make the most of their tax refund by providing ideas on free and easy ways to file their returns, and by offering information about ways to save all or part of their tax refund. Stay tuned for more information about saving at tax time in a blogpost in early 2017.