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What is the PATH Act and How May it Impact Your Taxes?

Written by a TurboTax Expert • Reviewed by a TurboTax CPAUpdated for Tax Year 2017 • January 27, 2024 2:44 PM
OVERVIEW

It’s never a bad idea to start prepping early for the tax filing deadline. Some people who file early may notice some changes, though, due to the newly passed Protect Americans from Tax Hikes (PATH) Act, which might affect when you get your tax refund.

 

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Key Takeaways

  • The PATH Act includes changes to the Additional Child Tax Credit (ACTC) and Earned Income Credit (EIC) that make them more beneficial for taxpayers.
  • The PATH Act made it so that more families could continue to qualify for the ACTC.
  • Refunds for filers claiming the ACTC or EITC generally are withheld until February 15 to allow the IRS time to match information from individual tax returns with information on the W-2 forms from employers.
  • Erroneously claiming the EITC may result in a penalty based on the taxpayer’s tax liability, and may bar them from claiming the credit for up to 10 years in the future.

You may have heard about a possible change to the Child Tax Credit, but don’t worry. TurboTax has you covered. We are up to date with the latest tax laws so you can file your taxes with confidence and accurately claim the Child Tax Credit, if you are eligible. There is no need to delay. File now to get your max refund as soon as possible.

If lawmakers expand the Child Tax Credit, the IRS has stated that they will automatically adjust your return and notify you of the update, including any additional refund. No extra steps are required on your part.

The PATH Act, passed in 2015, includes some changes to the tax law that affect tax filers with their 2016 and 2017 tax returns. It includes changes to two tax credits:

  • The Additional Child Tax Credit (ACTC): The refundable portion of the Child Tax Credit (CTC)
  • The Earned Income Tax Credit (EITC): A means-based refundable tax credit that can be worth more than $6,000

Extended Tax Credits Under the PATH Act

The PATH Act includes some good news for those looking to claim the Additional Child Tax Credit (ACTC). This refundable credit allows eligible families a significant break on their taxes — up to 15% of the income they earned above an initial threshold of $3,000. For example:

  • If a family earned $40,000, the possible 15% refund would be applied to $37,000 (the amount left after the $3,000 threshold).
  • While expiring tax laws would have raised this threshold to $10,000 (potentially lowering the available refund amount), the PATH Act keeps the threshold at $3,000 permanently.

Similarly, the PATH Act permanently increases the income phase-out threshold for the Earned Income Tax Credit (EITC) by $5,000 for those who are married or filing jointly. This means that couples who earned a few thousand dollars more than would have been originally allowed may now be eligible to receive the full EITC for their income bracket.

The Trade-Off: A Delay in Some Tax Refunds

Most people claiming the EITC and ACTC can expect an overall tax refund. However, the PATH Act stipulates that the IRS must withhold refunds for filers who claim these tax credits until February 15.

So if you file before February 15, you're owed a tax refund and you're claiming either the ACTC or EITC, your entire refund will be withheld until at least the February 15 deadline. This delay allows the IRS time to match information from individual tax returns with information on the W-2 forms from employers, which are sent to the IRS by January 31, as a way of preventing identify theft and fraud.

TurboTax Tip:

Taxpayers have to have a valid Social Security number to claim the EITC, and cannot claim it retroactively for years when they did not have one.

Additional Changes to the EITC

The PATH Act made a few additional changes to the Earned Income Tax Credit (EITC) that may affect your tax returns. While you've always needed a valid Social Security number (SSN) to claim the EITC, the old tax law allowed you to retroactively claim the credit, even for those years when you did not yet have an SSN.

The PATH Act changed this, so you can no longer claim the EITC retroactively for years when you did not have a valid SSN. If you were counting on those retroactive refunds to bolster your tax return, you may be looking at a smaller refund than expected.

Provisions in the PATH Act make it even more important that you ensure you meet the requirements for the EITC before trying to claim it.

  • The IRS now penalizes a taxpayer for erroneously claiming the EITC.
  • The penalty may be based on your tax liability, with the EITC adjustment removed from your return.
  • Mistakenly or erroneously claiming the EITC might also bar you from claiming the credit for up to 10 years in the future.

How Do I Know if I Qualify for the EITC and ACTC?

Consult this Earned Income Credit article for detailed guidelines on whether you qualify to claim the EITC. Remember, with TurboTax, we’ll ask you simple questions to maximize your tax deductions. We’ll automatically apply these credits if you’re eligible and do the calculations for you.

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The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.

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TurboTax Online: Important Details about Filing Form 1040 Returns with Limited Credits

A Form 1040 return with limited credits is one that's filed using IRS Form 1040 only (with the exception of the specific covered situations described below). Roughly 37% of taxpayers are eligible.

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Situations covered (assuming no added tax complexity):

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