How much do I need to earn to file my income tax return?

Filing income tax is an important responsibility for some citizens, as failure to do so results in fines and CPF restrictions.

But do you know the income threshold for filing your income tax return? And are you aware of the 2024 filing deadlines?

If your answer is no to both questions, don't worry, because today's material was made for you.

Below is a general explanation of the reporting rules and other relevant information.

Who needs to file an income tax return?

Before anything else, it's important to talk about who needs to file an Income Tax return, because for those who don't, the following content won't be as useful.

Filing an Income Tax return is mandatory from a certain income bracket, and this limit changes according to changes in the IR exemption bracket.

For 2024, the minimum value for individuals is R$ 30,639.90, which means that if in 2023 you earned taxable income above this amount, you will have to file a tax return.

When we talk about taxable income, we refer to amounts received that are subject to income tax.

In addition to taxable income, taxable assets are also included in the group that makes declaration mandatory.

These taxable assets may be real estate, vehicles, investments and other items specified by the Federal Revenue Service.

If you have any questions about taxable values and assets, you can consult the details on the Federal Revenue website.

What are the deadlines for 2024?

Now that you have the answer to the question "how much do I need to earn to file my Income Tax return?", we can move on to explaining the practical part, that is, the declaration itself.

The obligation to declare Income Tax is due to the fact that there are consequences in case of failure to comply with the established deadlines for submission.

These consequences involve charging fines calculated on the tax due, in addition to restrictions on the CPF, in case of extreme delay.

Therefore, if you want to avoid problems with the Federal Revenue Service, it is important to pay attention to the deadlines.

In 2024 the delivery period started on March 15th and goes until May 31st, which gives about 1 month and a half to fill out and send the declaration.

It's important to note that the sooner you submit your return, the greater your chances of being included in one of the first batches of refunds, if you have amounts owed.

Don't know what an income tax refund is? Click here to learn all about it!

How does the Income Tax declaration process work?

Now that you know the amounts to declare Income Tax and the deadlines, all that's left is to talk about the declaration process.

The good news is that there are currently several ways to complete and submit the form, which makes life easier for taxpayers.

If you prefer, you can hire a professional to file your tax return for you. This can offer greater security and convenience.

But, if you want, it is perfectly possible to do it yourself, just be careful to include the exact information.

There are 3 main ways:

Income Tax Declaration Program

If you want more stability, the IR Declaration Program is an excellent alternative for filling out and submitting your tax return.

You can download the program directly on the gov.br website on iOS, Microsoft, Linux and multiplatform devices.

To use it, simply log in with your gov.br account and start filling out the form.

Online declaration 

Prefer convenience? Then filing online may be the best option for you.

To do this, simply access the page declaration on gov.br, log in and start the filling process. 

Application 

The app is the most practical option of the 3, and to use it, just download it from your app store.

Once this is done, log in with your gov.br account and start filling out the form.

Pre-filled Declaration: What is it? Is it worth using?

The pre-filled declaration was a new feature announced last year, and basically consists of an easier way to fill out the declaration.

This is because, when choosing this option, your declaration “form” already comes with the information present in the Federal Revenue database.

This makes it easier to avoid errors, especially those related to forgetting data that is available to the IRS, which could open the door to an interpretation of tax evasion.

It is important to note that the pre-filled declaration should not be considered as accurate and complete.

This is because you must carefully check to correct and/or add important data.

But, if you're looking for practicality and don't yet have much experience filling out forms, this feature will certainly be a great help!

So, now that you know how much you need to earn to declare your Income Tax and other important information, file your declaration as soon as possible to avoid missing the deadline!