How do I know when I will receive my Income Tax refund?

The payment period of the income tax refund has already started, and if you want to know when you will receive yours, we can help you find the answer.

The payment order follows the famous batch schedule, but knowing exactly which batch your refund will fall into is not always an easy task.

So, if you want to clarify this doubt so you can plan how to use your funds, continue reading to find important information on the subject!

What is an Income Tax refund?

If you filed your income tax return for the first time this year, you probably don't understand exactly what a refund is.

THE income tax refund is a procedure by which the Federal Revenue Service returns to the declarant excess amounts paid in taxes.

So, if you paid more taxes than you should have last year, you're likely owed a refund.

These extra amounts can occur for two reasons: the first is when there is a calculation error and the Income Tax ends up being discounted above the amount due, directly from the source. 

The second reason is when, in the declaration, the declarant reports the so-called deductible expenses, which reduces the amount due in tax, and consequently generates amounts to be refunded.

Considering that no one can pay taxes beyond what they owe, the State is obliged to return excess amounts to the citizen, and this is done through the refund procedure.

The refund period usually occurs immediately after the deadline for submitting the declaration, which is usually in May of each year.

How do I know if I am entitled to an Income Tax refund?

The simplest way to find out if you are entitled to an Income Tax refund is at the time of filing your tax return.

This is because, in the delivery system, in the left corner of the screen there is a field that shows the taxes to be paid and amounts to be refunded.

So, if your declaration results in amounts to be refunded, it is a sign that you are entitled to a refund.

But, if you don't remember, you can check it on the "IRPF Refund Consultation" page on the Federal Revenue website.

++FGTS Anniversary Withdrawal: What is it and how does it work? – I accepted

Batch Schedule: Understand the Payment Method

The traditional method of paying Income Tax refunds is through the batch schedule.

Basically, the Federal Revenue Service divides payments into 5 main batches, paid between the months of May and September, once a month.

So, in practice, declarants are divided into these batches, so that the payment order is defined based on some criteria, such as:

• Priority for INSS retirees, declarants whose main source of income is teaching, among other criteria;
• Date of submission of the declaration;
• Declarants who have indicated Pix as the refund payment method.

The dates for each batch this year are as follows:

• 1st batch: May 31st
• 2nd batch: June 28th
• 3rd batch: July 31st
• 4th batch: August 30th
• 5th batch: September 30th

It is worth mentioning that in some cases the regular batches are not sufficient to pay all declarants, in which case the IRS makes payments for the so-called Residual Batches, paid in subsequent months.

How do I know when I will receive my Income Tax refund?

At this point, you already know how regular Income Tax refund payments work.

But we still don't have an answer about specific dates. After all, is it possible to know exactly when the payment will be made?

It is worth mentioning that the batch schedule is random, although the payment order occurs based on the criteria described above.

Therefore, with the exception of the first batch, intended for declarants in the priority group, the others are not sure which batches they will receive.

As a rule, the payment order is based on the declaration submission date, so the sooner you submit yours, the greater the chances of being included in the second or third batch.

The only available query currently concerns the release of the current batch. Therefore, when the third batch is released, you can query to see if your payment will be received through that batch.

You can make this query on the Federal Revenue website, under the “IRPF Refund Query” tab, using your CPF and date of birth.

Is it possible to make an advance payment?

The first and second batches of income tax refunds have now been paid, and if you haven't been included in either of them, you're probably worried.

As we explained, the payment order is defined based on the order of delivery, so if you left your declaration for the last week, it is very likely that it will fall into the last batches.

In this case, is it possible to advance the Income Tax refund?

This advance is only possible through a loan released by some banks, where basically the refund amount is offered as a loan, and on the date the batch is released you return it to the bank, plus interest.

It's worth mentioning that we're talking about a type of credit, so if you want to join, make your request carefully, considering the conditions and fees.

In any case, if you don't want to wait, it might be worth it to accept this offer, but if you choose to be patient, you will receive your amount without discounts on the correct date.

Read also: Job Search Apps: 4 Effective Options (aceitei.com).