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Video instructions and help with filling out and completing Can 8850 Form Refunds

Instructions and Help about Can 8850 Form Refunds

Music hey, I'm Joe and I'm Karen, and we're with M&M Income Tax Service. We're back with another tax topic or tax tip, and hopefully, it's gonna answer one of your questions today. Well, Karen, what's our topic today? Why is the IRS holding my refund until after February 15th if I claim my children? Whoa, why are they held until after February 15th, Karen? I can remember when they used to release them in January, and the last couple of years, yeah, they have actually been holding them. Do you know why they're actually required to hold on, Karen? No jive, tell us why it's the law. So, Karen, here's a statement from the IRS. Let's go ahead and go over this as we actually make this what we call part of our disk manual. So if you have questions on why they're holding it up, you can actually see that. Basically, the IRS was holding refunds until February 15th or later when you claimed children on your tax return. That's a new federal law that went into effect in 2015, absolutely. That we call that the PATH Act, but again, it is law in Section 201 of this new law mandates that no credit or refund for an overpayment for a taxable year shall be made to a taxpayer before February 15th if the taxpayer claimed what Karen earned income credit or additional child tax credit on the tax return. Absolutely, in both the Earned Income Credit and the additional child tax credit are related to children most of the time. So that's why if you claim children on a tax return, you can't get that refund until after February 15th. But some of the key points are taxpayers should file and submit returns as normal. Absolutely, and...