When your tax return is finalized, you will receive a final tax notice that tells you whether you will receive tax refund or residual tax / withholding tax. The final tax notice is given either during April, June or August.
What is tax refund?
Tax refund means that you will receive tax money back from the Swedish Tax Agency. You simply paid too much in tax in 2017. How much money you will get back is the excess tax you paid in 2017. If you have created a digital mailbox and registered your bank account you have the opportunity to receive the tax refund paid earlier than those who declare in paper form.
What is withholding tax / residual tax?
Withholding tax means that you have paid in for some tax during 2017. If you have received withholding tax, you must repay the amount that is on your final tax return.
When will the tax refund come 2018?
The tax refund is paid at different times of the year depending on various factors. It simply depends on how you declare and when you decide to do so.
If you want to receive a tax refund on April 5-6, you must (private individuals only):
1. Get a digital mailbox on the Swedish Tax Agency’s website, no later than March 1, 2018. Examples of these are Kivra, Digimail, e-Boks and my government post.
2. Register your account for which you want to receive the tax refund before March 1, 2018.
3. Approve your declaration before March 28, 2018.
4. Between April 5-6, 2018, the final tax notice and your tax refund will be deposited into the account you have registered.
For you to get the money as early as April means that you are not allowed to change or add any information.
If you want to receive a tax refund in June, you must:
1. Between March 15 and April 15, you will receive your declaration in paper form.
2. The e-service opens on March 20. To approve your tax return, you must access the Swedish Tax Agency’s e-service, income tax return 1.
You can either approve the declaration in the Swedish Tax Agency’s app or via mobile bank id.
3. By May 2, you must have approved your declaration. If you do not, you risk getting a delay fee of SEK 1250.
For those who make changes or want to add some information, you can focus on getting a tax refund in June. The reason for this is that the Swedish Tax Agency needs extra time to review your tax return with these new information. However, this option is based on you still declaring digitally. If you instead choose to declare via paper form, you will receive your tax refund in August.
What is a digital mailbox?
A digital mailbox is an online mailbox to which the Swedish Tax Agency and other authorities send your mail to, provided that you have one online. Some companies also choose to send mail via these, to avoid sending letters and the like in paper form. Companies that offer a digital mailbox are, for example, Kivra, Digimail, e-Boks and my government post. If you signed up for a digital mailbox, you will not receive the declaration and other government mail in paper form.
Then you check the tax refund
The electronic income tax return can be found on the Swedish Tax Agency’s website. It is in it that you can read your preliminary tax return. If you decide to approve the tax return without adding anything to it, the amount you see in the income tax return applies. You either get money back in the form of tax refund or alternatively you get residual tax ie you have to pay back tax.
Here’s how to see your tax refund:
1. Go to the Swedish Tax Agency’s website.
2. Log in to the Swedish Tax Agency’s e-service income tax return 1.
3. Inside tax return 1 you can see your personal tax calculation directly. Here you can see your personal tax refund.
Is it good with tax refunds?
Both yes and no. The advantage of getting money back on the tax is, of course, that you get more money to deal with and these you might not have expected either. An unexpected financial contribution is always welcome. However, you can see it in a different way as well.
If you had instead received this money directly, month by month, you would have been able to invest these in stocks, funds or perhaps even cryptocurrencies. These investments can lead to the money growing more than if they had been in the Tax Agency’s account.