Pensioner tax return 2024: tips for retirement

Pensioner tax return 2024: tips for retirement

Pensioners who have to pay tax on their pension are often faced with the challenge of following the correct steps when filing their taxes. The taxable pension portion increased from 83 to 84 percent from January 2023, meaning that 16 percent of the first full gross annual pension remains tax-free. The pension allowance varies depending on the year in which retirement begins and will continue to rise in the coming years. It is important to note that almost five million pensioners who will receive a pension increase in July 2024 will have to file a tax return annually.

The Taxpayers' Association has published a free brochure with helpful tax return tips specifically for seniors to help pensioners navigate the tax jungle. Pensioners should complete various annexes when filing their income tax return, depending on their income, including state pension, capital income and self-employment annexes. It is advisable to provide all the necessary information and keep an eye on the tax return deadline to avoid late fees.

Pensioners can declare business expenses, special expenses and extraordinary burdens on their tax return in order to reduce their tax liability or even reduce taxes. The Taxpayers Association provides additional support, guidance and advice for retirees to ensure everyone is able to properly file their taxes and enjoy their retirement without financial worries.