See how retirees declare Income Tax 2024 – 02/27/2024 – Market

Retirees from INSS (National Social Security Institute) and their own schemes who will declare Income Tax for 2024 must inform the Federal Revenue Service of the value of the benefit received in 2023 and other income, if any.

It is also necessary to declare assets, such as real estate and cars; investments and exempt and non-taxable income, such as savings accounts, for example; and any late amounts paid by the INSS, such as court orders and RPVs (Small Value Requests), if applicable.

The deadline to declare Income Tax 2024 starts on March 15th and runs until May 31st. See here who must declare IR.

A working retiree must declare, in addition to retirement, income from employment. Anyone who accumulates retirement with a pension must also report both incomes. If you have dependents, the income received by the dependent must be on the declaration.

Retirees over 65 years of age are entitled to extra exemption from Income Tax from the month of their birthday. The limit for the year 2023 is R$24,751.74: R$22,847.76 plus R$1,903.98 relating to the 13th.

The INSS has already made the income report available for the IR declaration. The document can be accessed on the Meu INSS app or website, and is also available on the banking network. It is not necessary to go to a Social Security agency to obtain the statement.

To receive a larger refund or pay less tax in the year, retirees can deduct expenses allowed by law, such as health and education expenses, for example, for themselves and their dependents.

The deduction of health expenses has no limit, but you must have documents that prove the expenses, otherwise you will fall into the fine net.

What should be included in the retiree’s income tax declaration?

Taxable income for those aged up to 65

• The INSS benefit is taxable income and must be declared in the Taxable Income Received from Business form.
• Enter the name of the paying source, which is the FRGPS (General Social Security Regime Fund)
• The CNPJ is 16.727.230/0001-97
• In the IR statement, the retirement amount is in line 3 – Taxable Income, Deductions and Tax Withheld at Source, in total
• Declare the total paid and the IR withheld, if any

13th of retired

• It is on line 5, of Income Subject to Exclusive Taxation, where it says “Thirteenth salary”
• Inform the IR withheld, if any

For those aged 65 and over

• There is an extra exemption from IR from the month in which you have your birthday, limited to R$ 24,751.74 (12 installments of 1,903.98 plus the 13th in the same amount)
• The exemption only applies to retirement, pension or retirement income from official bodies such as the federal government, city halls, states or the Federal District
• The amount goes on the Exempt and Non-Taxable Income tab
• It is on line 4 of the INSS report
• If there is taxable income, it must be declared in Taxable Income Received from Business Owners

Retired working

• Salary and retirement must be informed
• In Taxable Income Received from Business Owners, declare retirement and salary if paid from a company
• If you receive it from an individual, declare it in Taxable Income Received from PF/Abroad
• If you are 65 years old or over, the exemption limited to R$ 24,751.74 is only valid for official pensions and goes on the Exempt and Non-Taxable Income form

Insured who receives retirement and pension

• For those under 65 years of age, both benefits must be declared in Taxable Income Received from Business Owners
• If the benefits are from INSS, they can be declared in a single tab, by opening “New”
• In the case of those over 65 years of age, there is the right to exemption on both incomes, but only up to the limit of R$24,751.74 in the year
• These amounts are declared in “Exempt and Non-Taxable Income”
• Follow what the INSS report says

Benefit from other social security bodies

• If the retirement or pension is from another institution, you must open a new file in Taxable Income Received from Business Owners to declare this money

INSS or RPV court order

• Arrears received after granting or reviewing the benefit must be declared in the Accumulated Income Received form
• There is an exclusive field to declare the interest on the shares, if any
• In the case of arrears paid directly by the INSS, the information will appear on line 6 of the institute’s income report
• Choose the Exclusive at Source option and inform the name and CNPJ of the paying source, total income received, exempt portion for those over 65 years old, if applicable, tax withheld at source, number of months to which the amounts refer and month of receipt

Arrears from the base year

• Anyone who applied for the benefit and spent a few months waiting to receive retirement, but received the accumulated amount within the base year of 2023, must declare it in accordance with the INSS report

Lawyer’s payment

• The lawyer’s fees are declared in the Payments made form
• Before reporting arrears received, deduct the payment made to the lawyer

Private pension

• Anyone who receives an INSS pension and has private benefit income must report both amounts in their IR
• Declare the amounts in the Taxable Income Received from Business form
• For each of them, open a new form, informing CNPJ and all amounts received, according to the income report
• Private pension does not guarantee greater exemption for retirees aged 65 and over
• It may be that, when reporting the amounts received last year from private pension, the taxpayer will receive a smaller refund or need to pay IR

Payroll loan

• Consignments above R$5,000 must be declared in Debts and Liens
• For each loan, open a new form
• The code to be entered varies depending on where the credit was taken
• In Discrimination, enter the name of the institution, CNPJ, date on which you took out the loan and amount borrowed
• In the value fields, declare the amount paid in 2023 and the outstanding balance on December 31st
• If you already had a loan before, also declare the outstanding balance from the previous year
• To avoid making mistakes, get the income report from the bank and follow what the document says.

By disability retirement

• Anyone who is retired from the INSS due to disability due to a serious illness specified in the law and is required to declare income tax for other reasons provided for by law must inform the benefit in the Exempt and Non-Taxable Income form

Rent received

• The rent will be in specific forms, depending on the renter. If you rented to a legal entity, declare it in Taxable Income Received from Business Owners
• If the rental was for an individual, declare it in Taxable Income Received from PF/Abroad
• Deduct the commission amount paid to the real estate agency and the IPTU and declare the remaining amounts

Declaration of assets

• Anyone who has assets must include them in Income Tax
• They go on the Assets and Rights form, even if they are financed
• Enter the property registration number and the Renavam (National Motor Vehicle Registry) of the vehicle
• The value to be declared is that of the purchase, except in the case of properties and cars that are still financed. In this case, the amount paid so far must be declared

Health spending

• Expenses for health, education and dependents, among others, guarantee a larger refund or lower tax payment
• With the exception of dependents, who must be declared on a separate form, the taxpayer reports their expenses in Payments Made, under the specific code for each expense
• It is necessary to be very careful with medical expenses, as they are among the biggest reasons that lead to thin mesh
• Declare only what is in the agreement’s income report or the amount that appears on the receipt for your doctor or dentist appointment
• Medicines do not give deduction in IR