The hour of reckoning has come! After filing your income tax return in the spring of 2021, the tax administration proceeded with the final calculation of the tax payable on your 2020 income, taking into account all your income, deductible charges and expenses liable to be paid. ” entitle you to a reduction or a tax credit.
If the tax payable is equal to the ongoing deductions from your 2020 income, you will not have to pay anything more. If the amounts withdrawn at source in 2020 were not sufficient or if you benefited, in January 2021, from an advance on credit and tax reduction that was too high compared to the expenses you finally incurred in 2020, you will have a tax balance payable in September 2021.
But it may also be that you have an “overpayment” that the tax authorities must reimburse you.
For example, if the withholding taxes made throughout 2020 were higher than the final tax payable. “This may be the case if your income has fallen and you have not reported it to the tax authorities or if you have been late in declaring the birth of a child which gives the right to an additional half share”, illustrates the Directorate General of Public Finances (DGFIP) in a communicated released July 15.
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You can also get a refund if, in 2020, you incurred certain expenses qualifying for a tax credit or reduction, such as donations to charities, home employment expenses, childcare. or rental investments. “In this case, the amount refunded will correspond to the balance of tax reductions and credits to which you are entitled given the 60% advance which has already been paid to you in January 2021”, indicates the press release.
Anyway, the details of the calculation of your tax will be indicated on your tax notice, which will be made available to you between the end of July and the beginning of September, in your personal space on Impots.gouv.fr website or sent to your home by mail.
As for the reimbursement, it will take place either from this Tuesday, July 20, or Friday, August 6. You do not have to take any special steps if you are entitled to it. You will be reimbursed automatically.
If you have taken care to send your bank details to the tax authorities, the refund will be made by transfer to your account. “This transfer will bear the wording “REBATE TAX INCOME” on your bank statement and will be indicated as coming from DGFIP FINANCES PUBLIQUES “, indicate the services of the ministry.
If you have not provided your bank details, you will receive a check by mail in the coming weeks.