This is a very common question from taxpayers. In this article, we clear everything up for you.
After submitting the Income Tax return, the first thing the taxpayer wants to know is when the refund amount will enter the account. After all, as soon as the procedure is completed, the person already knows if he has any value to receive or not.
The Federal Revenue Service pays the Income Tax refund in monthly installments. Thus, the amount can enter your account in the first month, after the end of the declaration period, or in up to five months after that. Therefore, if you declared at the beginning of the term and are on the last batch, it may take up to seven months to receive your refund.
It will depend on your position in the queue for the refund, which meets certain criteria.
Shall we understand better?
What is the refund
The refund is nothing more than the return of the amount overpaid to the Federal Revenue during the previous year. That is, you declare all your income and expenses for the past year and, when crossing these amounts, calculates the difference between what you owe and what you have already paid.
When he understands that you have already paid more than you owe, he returns that amount in the form of a refund. It is very common to return the IRRF value deducted from the worker’s payroll, for example. Because it’s as if those who work had anticipated the payment of tax due to the Federal Revenue and now it makes a fair balance of what you really owe.
To get the maximum income tax refund , you must gather all proof of medical expenses, education and dependents, for example, increasing your chances of being refunded.
On which lot will I receive the refund
The Lion usually makes the restitution payment in batches . From the first month after the deadline to declare, you can already receive the amount in the bank account informed in the declaration.
Some criteria define which refund batch the taxpayer will be in. One of them, as expected, is that whoever delivers the statement first will receive it first. But there are other factors that are considered even before that. The order of priorities of the IRS is as follows:
- Who is over 80 years old
- Anyone aged 60 or over
- Who is physically or mentally disabled
- Who has serious illnesses
- Who is a taxpayer whose biggest income is teaching
- The order of delivery of the declaration
If by chance you need to rectify the statement, that is, you notice that you made a mistake and need to send a rectifying statement , you go back to the end of the queue.
For those who fall into fine mesh , too. Until he settles the situation with the Lion, he does not receive the refund and, as soon as he leaves the fine mesh, he returns to the end of the line.
How to apply for an income tax refund
Any consultation regarding the processing of your declaration can be carried out online. It’s quite simple:
- Access the e-CAC portal. If you’ve never signed in before, you’ll need to generate a passcode .
- After logging in, choose the Income Tax year you want to consult.
- The status of your statement will appear on the next page. That’s where you find out whether or not you’re in the refund queue.
Understanding the status of your declaration
If it’s not clear what your status means, see the meaning of each, briefly, below:
- Processing: The declaration has been received, but the process has not yet been completed.
- In queue for refund: the process has been completed, but the refund amount has not yet been sent to your bank account. You are on one of the Lion’s lots according to the criteria we have explained.
- Processed: your statement was received and the process was completed, but it is important to remember that the Federal Revenue can take up to five years to approve the statement. Thus, the “Processed” status does not mean that your declaration has been approved.
- With pendencies: you may have entered some wrong information or a document was missing. In that case, you need to rectify the situation as soon as possible.
- Under analysis: the declaration was received, but documents sent are still being analyzed or missing documents are waiting to be sent.
- Rectified: this is when a rectifying statement is submitted, accepted and now replaces the original statement – the first one submitted.
- Cancelled: when the Federal Revenue Service or the taxpayer cancels the submission of the declaration.
- Manual treatment: when the declaration is under analysis for some specific reason and the taxpayer must receive a notification from the Federal Revenue.
It is important to carry out this follow-up after submitting the declaration, even to resolve, as soon as possible, any inconsistencies found in your declaration.
Is it possible to advance the refund?
To think that it can take up to seven months to receive your money, if you are on the last batch, is disheartening, isn’t it? So if your question is whether there is no way to anticipate this payment, the answer is yes!
This service is offered by banks, but the bureaucracy makes the process complicated and the fees are high. An option for those who wish to make the refund in advance is to do it with Leona, which is not a bank, but performs this service in a few minutes and, in a matter of 48 hours, you will have already received your refund.
Got any more questions? Leave it in the comments!
