It's estimated that one in five qualifying tax filers who qualify for the tax credit, which could be worth thousands, won't apply.

The average tax refund has increased by 22% this season, according to Treasury Secretary Scott Bessent. The IRS has not released official data yet, and early figures can be misleading, says expert.

Early IRS data shows fewer tax returns processed and few refunds issued through Feb. 6, but the average refund amount is up.

As Presidents Day draws nearer, the Internal Revenue Service (IRS) has warned taxpayers of a surge in call center demand.