Do retirees need to file an income tax return? Find out now!

Income tax season is here, and knowing whether retirees need to file their income tax return is an important step toward staying up to date with the tax authorities.

This is because there are those who believe that only salary income generates obligations, but is that really the case?

In today's article, we'll discuss this topic in detail, as well as explain how retirees file their income tax returns. Keep reading!

2024 Income Tax Return: Deadlines and Rules 

The 2024 Income Tax Declaration period has already begun, as citizens have been able to complete and submit their tax return to the Federal Revenue Service since March 15th.

This year the deadline for submission is May 31st, which results in just under 2 months to complete the period.

Therefore, if you haven't started yet, we recommend that you prioritize this task to give yourself time to make the necessary corrections, if necessary.

But, in addition to knowing the deadline, it is important that you know the rules, as not all citizens are required to submit the declaration.

As a rule, the declaration is mandatory for those who:

• In 2023, they had taxable income above R$1,400,600.
• Have taxable assets with individual values above R$1,000,004;
• They have non-taxable assets above R$ 200 thousand.

READ ALSO: How much do I need to earn to file my income tax return? – Valor Notícias.

Do retirees need to file an income tax return?

As we saw previously, the requirements for completing the Income Tax return involve financial issues.

This means that those who exceed the maximum exemption amounts in income or assets must file a declaration.

With this we can answer the question: after all, do retirees need to declare Income Tax?

The answer is: it depends. If you meet the requirements explained above, you will have to make the declaration, just like other citizens in the same situation.

This means that if you are retired, but your income and assets exceed the exemption amounts, you will have to file a tax return.

This applies to both INSS retirees and those who receive payments through Private Pension Plans.

Discover the channels available to make your declaration

At this point, you already know whether or not you need to file your Income Tax return in 2024.

But if you have no idea where to start, don't worry, there are currently several channels available to make filing your tax return easier.

The channels are as follows:

IRPF Program 2024

If you prefer to file your tax return with more peace of mind, the 2024 IRPF Program is an excellent option.

This is a program that can be downloaded to a computer through gov.br, and to use it, simply log in with your account.

In this program, you can check old declarations, declare this year's declaration, and even track updates on your submission.

The advantage of this option is that it allows you to exit the declaration and continue later, without any major difficulties.

My Income Tax App 

If you're looking for convenience, the Meu Imposto de Renda app is an excellent option for completing and submitting your tax return.

You can download the app on an iOS or Android mobile device and log in with your Gov.br account to start filling out the form.

The app is free, easy to use, and has an interactive interface, making the process easier, even for beginners.

Gov.br – online form completion

If your idea is something quicker and more straightforward, in 2024 you can start filling out the form online, through Gov.br.

With this option, you basically access your account and complete and submit the form without needing a specific platform or app.

To ensure the efficiency of this option, ensure a stable connection and have all the necessary documents and information on hand.

Visit Gov.br to check further information: My Income Tax — Federal Revenue (www.gov.br).

Finally, if you prefer, you can also count on the assistance of a professional accountant, who will help you fill out everything correctly.

This service costs on average R$200.00 to R$600.00, and the price varies according to the amount of assets and income to be declared.

Retirees have priority in refunds: find out how it works

Some say that one of the advantages of declaring Income Tax is the possibility of receiving part of the amounts paid back.

This occurs through the famous IR refund, which is a procedure by which the Federal Revenue Service returns excess amounts paid.

But did you know that retirees have priority on the refund list? 

This refund occurs in batches, and the first batch, paid in May, is intended for priority groups, which includes retirees.

So, if you meet the deadlines and are eligible, you will have the advantage of receiving your refund before most other filers.

So, now that you know that retirees need to declare their Income Tax, here's how to do it: do your part as soon as possible and avoid losses due to delay!

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