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Tax return: Where do pension expenses belong? Find out more from the financial expert. [92 characters]
Most pension expenses belong, as the name suggests, in the pension expenses appendix of the tax return. The contributions to the so-called first pillar of pension provision are also listed there: i.e. statutory pension, agricultural pension funds, professional pension funds (e.g. for doctors or lawyers, not press pension funds) and basic pension contracts (also called Rürup pension). The also existing Annex AV, for pension contributions, only refers to state-funded Riester contracts. There is also an RAV/bAV system for company pension contributions. According to a report from www.wiwo.de, most pension expenses are included in the pension expenses appendix of the tax return. The contributions to the first pillar of retirement provision are also listed there, such as the statutory pension, ...
Tax return: Where do pension expenses belong? Find out more from the financial expert. [92 characters]
According to a report by www.wiwo.de, most pension expenses are included in the pension expenses appendix of the tax return. The contributions to the first pillar of pension provision are also listed there, such as the statutory pension, agricultural pension funds, professional pension funds and basic pension contracts (also called Rürup pension). Annex AV refers exclusively to state-funded Riester contracts, while there is a separate annex RAV/bAV for company pension contributions.
The tax treatment of pension expenditure has an impact on the market, the consumer and the industry. If certain pension contributions are tax deductible, this can lead to more people taking out these insurance policies in order to take advantage of tax advantages. This could lead to an increase in demand for insurance and impact the market for insurance products. On the other hand, the tax deductibility of pension expenses can also lead consumers to reconsider their insurance contracts and possibly switch to cheaper alternatives in order to save taxes.
In terms of the industry, the tax treatment of pension contributions can affect the income of insurance companies. If certain insurance contracts are no longer tax deductible, this could lead to a decrease in income. On the other hand, insurance companies could benefit from increasing demand for tax-deductible insurance and adapt their products accordingly.
It is important to note that the impact on the market, consumer and industry will depend on various factors, such as tax rates, individual financial situations and consumers' insurance needs. The tax treatment of pension expenses can therefore change from year to year and should be reviewed regularly.
Read the source article at www.wiwo.de