In order to receive the IRS refund, you must have withheld the income from 2022 at source, in an amount greater than what you will have to pay from the IRS. Know the average repayment terms.
he delivery of the income statement started this month and ends on June 30th. The IRS refund or return takes place until July 31 for all taxpayers to which they are entitled. As a general rule, the sooner you deliver, the sooner you will receive.
In order to receive the IRS refund, you must have withheld your income at source in the year corresponding to the declaration of this tax, that is, in 2022. In fact, the taxpayer must withhold at source an amount greater than what he will have to pay from the IRS. If the opposite occurs, then you will not be refunded and you will have to pay the remaining amount. Only after delivery of this document will you be able to have access to a tax refund or not.
Although there is no exact predetermined time to receive the refund from the IRS, if you are entitled, last year the government established an average period of 17 days. However, the duration of this process varies from taxpayer to taxpayer.
If you submitted automatic IRS, as a rule, refunds are usually processed more quickly by Finance, with an estimated period of 12 days.
If you choose to fill out the declaration manually, the IRS refund should take about 19 days, according to the most recent forecasts.
How to check the refund information?
While waiting for your tax assessment to be processed, you can check the status of your IRS refund on the Finance Portal.
1. Access the Finance Portal – Once you are on the portal, you will have to enter the IRS section. Normally this will be available on the home page. However, if you cannot find it, you can search for “IRS” in the search bar;
2. Login to the platform – To authenticate your login on this platform, you will need to indicate your tax number (NIF) and your password to access the portal;
3. Consult the IRS declaration – Once you are in the IRS section, on your left you will find a menu with several options. You must select “Consult statement”;
4. Select the year to search – On the page referring to the consultation of the statement, you will have to select the year whose income you want to consult. For this year’s IRS refund, the option to choose is “2022”. Then click on “Search”;
5. Check the status of the declaration – After choosing the year you want, data regarding the declaration submitted in that same year will be made available. Here you can consult the status of the statement itself.
There are four possible states, which constitute the stages of the IRS refund or additional payment process:
– “Right Declaration” – If this is your case, then it means that the declaration was only validated without having verified any central errors;
– “Processed Settlement” – This is the second step of this process. In this situation, your tax bills are complete;
– “Issued Reimbursement” – If the statement shows this status, then it means that there is no discrepancy or tax debt and the refund will be delivered within a few days;
– “Confirmed payment” – It is the last step of this process. At this stage, the IRS refund has already been paid.
In case you are entitled to a refund, until the money drops into the account or you receive the check, the statement goes through several stages. The phases and states your declaration can go through are as follows:
– Received – awaits validation: after delivering the declaration and until the Tax Authorities determine any errors or discrepancies;
– Certain after validation: statement has no errors, is ready for settlement;
– Settled: means that the calculation of the tax (payable or receivable) is completed;
– Settled with refund issued: bank transfer order was given (allow 3 days to enter the account, at least) or the check was issued;
– Settled with billing note issued: instead of refund, you will have tax to pay, this document will already have the data for payment;
– Settled with zero balance issued: the tax to be paid/received is zero, with no billing or reimbursement note being issued;
– Refund issued, payment confirmed: this is the status of the IRS declaration, with the payment process completed;
– Notification issued: in cases of payment of tax, after it has been made by the taxpayer.