Isn’t it nice if there is a way to secure some money? The keyword in this context is the income tax return. Once this has been created and submitted, it usually only takes a few weeks for the reimbursement to reach the account. But how exactly does it work and what else is worth knowing?
First the tax assessment, then the money
After the tax return has been received by the USA tax office, the length of time it takes to process it varies. Unfortunately, there is no general answer. However, if three months have already passed, you can ask how the processing status is and when you can expect the tax assessment. If six months have already passed without receiving a tax assessment, a reminder can be issued for processing.
As a rule, the waiting time for the tax assessment is three to twelve weeks. As long as the tax assessment has not been issued, there is no tax refund.
With the post comes the windfall
Sometimes it happens that the tax refund has already landed on the account, although the tax assessment is still with the post office. As a rule, however, the notification is sent at the same time as the transfer.
This means that the money is of course not paid out in cash, but always directly to the recipient’s specified account. The transfer is therefore always automatic, the taxpayer does not have to take any action.
Note: The situation is different if an additional payment is requested. The tax assessment then provides information on by when and to which account the claim must be transferred.
For whom is a tax return even worthwhile?
For everyone, actually. Many employees have high travel costs alone, which usually guarantee repayment. For example, if you have a double household, you can deduct expenses for the second home in addition to travel costs. This includes, for example, expenses for rent and furnishings. Costs for a job-related move can also be stated in the tax return.
In general, advertising costs include all items that are job-related and what the employer does not pay, from specialist literature to further training to application costs.
Spouses who have chosen a tailored tax bracket combination can usually also benefit from a repayment.
In tax class II, single parents can claim the relief amount. A change of tax class is advisable in this case.
If investors have failed to set up an exemption order for the final withholding tax, it may still be possible to get it back. This is possible if the income was below the basic tax allowance or, in general, the personal tax rate was below 25%.
Tax refund: how long does it take to get the tax assessment?
The processing time varies depending on the tax office.
Every year many taxpayers have to file the unpopular tax return. When all the forms have been filled out and the submission has been made to the tax office, the question arises: repayment or additional GYpayment? You can find out how long it takes for your tax assessment to arrive and, if applicable, for a tax refund to be received here.
Processing time to tax refund
You can see from your tax assessment how much your tax refund will be or how much tax you will have to pay back. Although all tax offices use the same software, there are considerable differences between the federal states in terms of processing time. On average, you will have your tax assessment in your hands after eight weeks.
As a rule, the tax office transfers the overpaid income tax or other tax refunds at the same time as sending the income tax assessment.
Does it help to submit the documents as early as possible?
The tax officers process the income tax returns in the order in which they are received. However, this only applies if all the necessary data is available. Even if you collected all the mandatory receipts at the beginning of the year, the same does not necessarily apply to the tax office.
Because it depends on how quickly it receives, for example, the contribution data for old-age provision from the insurance company or the necessary information from the employer. The deadline for this is the end of February.
In this way you can shorten the processing time
If your information is more or less the same as in previous years, your tax assessment will be generated and sent quickly and automatically. If there are deviations and additional documents need to be requested, the processing process will be delayed. You should therefore answer questions quickly in order to speed up the process. Basically: Anyone who submits their tax return electronically using the Elster administration software can count on faster processing.
How long can processing take?
The tax assessment must be available no later than six months after you have submitted your tax return. However, this deadline is postponed if the officers have to request missing documents or information.
If the tax office does not contact you after six months, you should ask. Then, if you think the waiting time is longer than average, you can take action. File an inaction objection to the responsible tax office. After another six months without a notice, you can file a lawsuit for failure to act. If you are more than 15 months in arrears, you are even entitled to interest, provided you receive a tax refund.
Receive repayment – what now?
When the waiting is over and the tax assessment is in the mailbox, you can hopefully look forward to a refund. There are many ways to invest a one-time sum wisely and thus build up assets over time. Ask your bank for advice on investments.