The chair of the Order of Certified Accountants (OCC), Paula Franco, has issued a warning regarding young taxpayers who may expect a larger IRS refund this year than other taxpayers. However, she advised against using the automatic IRS option.
“Those benefiting from the IRS Jovem received a substantial increase in benefits in 2024. Unlike other taxpayers, young people are the ones who might anticipate receiving more IRS, a larger refund this year,” explained the chair, speaking to TVI.
Nonetheless, young taxpayers should reject the automatic IRS and submit the standard IRS declaration—model 3—while marking specific fields related to IRS Jovem.
Additionally, Paula Franco advises, “If in 2024 your earnings were equal to or less than €8,500 and there was no withholding at source, you are exempt from submitting IRS, and our suggestion is that you do not submit it.”
Overall, taxpayers should anticipate lower IRS refunds this year due to adjustments to the withholding tax tables made last year:
“People are not being disadvantaged, I think that is an important message to convey. What happened last year was that withholding at source decreased. We advanced less money to the State,” Paula Franco told TVI.
The IRS submission campaign began on April 1st and continues until the end of June.
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