Tax refund: when? Who is entitled?


Tax refund: when? Who is entitled?

TAX REFUND. In a few days, the tax administration will proceed to a tax refund for taxpayers who are eligible. What date will this take place?

Taxes, a bad time for finances? Not so sure ! If the income reporting period has been closed for several weeks now and it is no longer possible, for online declarations, to make any corrections, good news could arrive for many taxpayers. Indeed, declarations made to the tax authorities can sometimes result in a negative balance. That is to say that it is up to taxes to reimburse you because you have paid too much or that you are taking advantage of tax advantages (niches, tax exemption, etc.). This was therefore indicated on the notice of declarative situation which gives a first overview of the final amount of taxes. But, in case of a refund, when is the money returned to the account? Are there any special conditions? The Ministry of the Economy has revealed all the elements.

In case of overpayment with taxes, the refund will take place shortly. Two dates are possible: Monday, July 24 or Tuesday, August 2, 2023. No clarification has been made as to the reason for the State to proceed with this reimbursement in two stages. If nothing happened on July 24, don't panic, so it could happen a week later.

Tax refunds occur in the summer for income tax because the tax authorities first check the information provided in your tax return. This helps determine if they owe you a refund. You don't have to do anything. You are notified of the refund on your tax notice.

The transfer is done automatically. You can spot it with the wording "REMB TAX REVENUS" on your bank statement, from "DGFIP FINANCES PUBLIQUES". If you have not sent your bank details in time, you will receive the reimbursement by check letter.

The declaration of income remains, despite the deduction at source, an unavoidable obligation for all taxpayers. It makes it possible to determine the total amount of income tax for which you are liable for the tax year. With regard to what you have already paid via the withholding tax, the administration establishes one of the following situations:

This is why it is essential to notify the tax authorities in the event of a sharp rise or fall in your income, in order to adjust your withholding tax rate.

Since the introduction of the deduction at source, regular tax credits, such as the employment of an employee at home or the cost of care outside the home for children under six years of age, are subject to a very specific treatment. In mid-January, they are subject to a payment of a deposit of 60%. The amount of this deposit is calculated according to the information mentioned in your tax return.

In the spring, you indicate the sums eligible for a regular tax credit, which allows the tax authorities to establish whether you can indeed benefit from the remainder of the deposit or if, on the contrary, you must reimburse the tax authorities. This is the case if your childcare expenses have fallen from one year to the next, for example. Mechanically, the tax advantage also decreases.

Note: the government is currently experimenting with the contemporary tax credit. This system will therefore soon end in favor of a refund directly every month!