Understanding Why Your National Pension Refund Isn’t Showing Up
If you’ve received a notification via the Toss app indicating that you have over 500,000 KRW in national pension overpayment refunds, only to find no such information on the official National Pension Service (NPS) website, you’re not alone. This discrepancy can often lead to confusion. In this article, we will delve into why this happens and provide guidance on navigating the refund process.
The Process of Checking Your National Pension Refund
After filing your comprehensive income tax return, the refund process involves several steps that can be complex.
The Link Between Income Tax Filing and Refunds
The calculation of national pension overpayment refunds is not solely managed by the NPS. Instead, it is finalized based on the reconciliation of data reported to the National Tax Service (NTS) concerning your comprehensive income tax. For the financial year 2024, the deadline for filing is the end of May 2025. Even if you have completed your filing, the NPS may not yet have integrated this data.
The refund amount shown in Toss is an estimate based on your actual payment and reported data. It generally takes until mid to late June for this to be confirmed and reflected in the NPS system.
System Differences Between Toss and the NPS
Toss utilizes an API from NTS to analyze payment and income data, providing an “estimated refund amount.” However, this figure is unofficial until the reconciliation results are communicated to the NPS. Conversely, the NPS website’s system updates only after receiving finalized data from the NTS, which explains why you might not see the refund immediately on their platform.
Do You Need a Tax Advisor or Toss for Refunds?
While using Toss or a tax advisor can be convenient, they are not mandatory for obtaining your refund.
Direct Refunds via NPS
You can directly verify and apply for your refund through the NPS website or their customer service. If you have an account registered in your name, overpayments are often deposited automatically. You can check your refund status by navigating to:
– NPS Website > Civil Service > Refund of Overpayment
– Direct access via [https://www.nps.or.kr](https://www.nps.or.kr)
Refunds Through a Tax Advisor
If you filed your income tax through a tax advisor, they typically handle the refund application on your behalf. This process does not require you to use Toss, and the refund is automatically processed by the NPS after reconciliation. However, it’s important to note that tax advisory services might incur fees and, without specific instructions, refund processing may be delayed.
Refund Applications via Toss
Toss provides a feature for “estimated refunds” and offers an automatic application function once the refund is confirmed. This is only possible after synchronization with the NPS, and linking your account details enhances user convenience.
When Can You Expect Your Refund?
The exact timing of the refund varies individually, but it is generally processed between mid-June and July. Even if you filed your tax return early through Hometax, the NPS processes data in bulk, which means individual updates may take time. As a result, you may see your refund amount only on Toss during May, while the NPS site may not display it yet.
Conclusion: Patience is Key
The primary reason for seeing your refund on Toss but not on the NPS website is usually due to system synchronization delays. Instead of hastily consulting your tax advisor or worrying about missing out on your refund, it’s advisable to check the NPS website again after mid-June. If the refund still doesn’t appear, contact the NPS customer service to verify whether your income report has been processed and if you qualify for a refund. Remember, Toss and tax advisors serve as auxiliary tools, and the refund process is a right accessible to all eligible individuals.
This situation exemplifies the broader issue of technological synchronization across financial systems, highlighting the necessity for improved data integration to enhance user experience and reduce confusion.