Why Can’t You See Your National Pension Refund on the Official Website?
Have you received a notification from the Toss app about a National Pension refund exceeding 500,000 KRW but are unable to verify this on the official National Pension Service (NPS) website? This discrepancy is not uncommon, and we aim to clarify why this happens and what you can do about it.
Where to Verify Your National Pension Refund?
The refund process following your comprehensive income tax filing can be a bit labyrinthine. Understanding how these systems interact is crucial for a smooth experience.
Link Between Income Tax Filing and Refunds
National Pension overpayment refunds are not solely calculated by the National Pension Service’s system. Instead, they rely on the reconciliation of tax data reported to the National Tax Service (NTS). For the fiscal year 2024, the income tax filing deadline is by the end of May 2025. Consequently, even if you’ve completed your filing, the NPS may not have integrated this data yet.
Thus, the refund amount you see on Toss is merely an estimate based on your reported payments and filing data. Typically, it takes until mid to late June for the NPS to officially process and verify these refund amounts.
System Differences Between Toss and NPS
The Toss app uses the NTS Home Tax API to analyze tax payments and income data, providing users with an estimated refund amount. However, this estimate is not officially recognized until the NPS receives and processes the reconciliation data from the NTS.
Contrastingly, the NPS refund system only updates after the NTS has completed its reconciliation and notification process. If your refund isn’t visible yet, it likely means that the NPS has not received the necessary data.
Do You Need Toss or a Tax Professional for Refunds?
While Toss and tax professionals offer convenience, they are not mandatory for receiving your refund.
Direct Methods for Refund Verification
You can verify and apply for a refund directly through the NPS official website or by contacting their customer service at 1355. If your bank account information is registered, refunds are often processed automatically into your account.
Path to check refunds:
National Pension Service Website > Civil Service > Overpayment Refund Inquiry
Or visit https://www.nps.or.kr
Tax Professional Assistance
If you filed your taxes through a tax professional, they often handle the refund application on your behalf. In these cases, the NPS processes the refund automatically post-reconciliation, and the tax professional will update you on the status. Be aware that service fees might apply, and delays can occur without additional requests.
Applying for Refunds Through Toss
Toss provides a feature where you can apply for refunds once they are confirmed, enhancing user convenience by allowing you to link account details for automatic processing. However, this is only possible after the NPS updates their system with the reconciled data.
When Can You Expect the Refund?
The exact timeline for receiving your refund varies, but typically, verification and refund processing occur between mid-June and July. Even if you quickly filed through Home Tax, the NPS processes data collectively, which means individual updates take time. Hence, during May, you might see estimated refunds on Toss but not on the NPS website.
Conclusion: Patience is Key
If your refund appears on Toss but not on the NPS website, it is likely due to synchronization delays between the systems. Instead of rushing to a tax professional or worrying about missing out on your refund, we recommend checking the NPS website after mid-June.
If your refund is still not visible, contact customer support to verify whether your income data has been integrated and if you are eligible for a refund. Remember, Toss and tax professionals are optional aids; the refund process is an entitlement you can navigate independently.