Fourth Income Tax Refund: How to Consult

The Federal Revenue Service has announced that the fourth batch of income tax refunds will be issued on August 30, 2024.

This payment is one of the last payments of this year’s refund season, providing financial relief to many taxpayers who are waiting for their overpayments to be returned. In this article, we’ll discuss who is eligible for a refund, how the process works, and how to check how much you’ll receive.

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Who is entitled to an income tax refund?

The income tax refund is intended for taxpayers who, throughout the tax year, paid more taxes than they owed. To determine who is eligible for this refund, the Federal Revenue Service adopts a priority order. The first recipients are:

Priority groups:

• big: Taxpayers age 60 or older have priority in receiving a refund.
• People with disabilities: Those with physical or mental disabilities also receive priority assistance.
• People with serious illnesses: Taxpayers diagnosed with serious illnesses have priority in the refund process.

After refunds are released to these groups, the Federal Revenue Service continues to make payments to other taxpayers.

Those who opt for the pre-filled declaration and refund via Pix generally get it shortly after. Finally, the payment is released to other taxpayers who paid more taxes throughout the year.

How does an income tax refund work?

Income tax is a tax levied on a taxpayer’s income, and amounts are refunded when overpaid taxes are paid. This process is necessary to ensure that taxpayers are not financially harmed by having the overpaid amount returned.

Refund Process:

1. Income Tax Return: Every year, taxpayers must declare their income to the IRS.
2. Calculate the tax due: The IRS assesses whether a taxpayer has overpaid, taking into account deductions and exemptions.
3. Correct value: The refund amount is adjusted according to the base interest rate (Selic), from May until the payment issuance date.
4. Payment in installments: Refunds are made in installments, allowing the IRS to schedule payments throughout the year.

If the amount to be refunded is greater than the amount due, the taxpayer can choose to receive a refund in one lump sum or in installments, with automatic debit from the bank account.

How to check income tax refund amount?

Starting August 24, 2024, taxpayers will now be able to check if they are included in the fourth round of refunds. This is an essential step to ensure you receive the amount you are owed without delay.

Step by step consultation:

1. Access the Federal Revenue website: Use your browser and enter the official portal of Federal Revenue.
2. Go to “My Income Tax”: This section contains all services related to income tax.
3. Select “Check my refund”: Find this option in the list of available services.
4. Enter your personal data: Enter your CPF number and date of birth.
5. Value verification: If your refund is within the current payment, the amount will be displayed.

Next Steps: Preparing to Receive Your Refund

If you are in the 4th refund batch, the payment will be made on August 30th directly to the bank account mentioned in the advertisement. Make sure all your details are correct to avoid any unexpected events.

If you are not included in this batch, do not worry. The next and final batch will be issued on September 30, 2024. Stay informed and check your status periodically on the Federal Revenue Portal.

Photo: Marcelo Casal Junior/Agence Brazil