July 20, 2024

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Check out the new rules for announcing savings

Check out the new rules for announcing savings

All citizens are obligated to declare Income tax Those with a savings account need to submit their account information to the IRS. Although, it should be noted that savings are tax deductible. Find out how to declare this investment on your income tax return.

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Unlike other types of investments, taxpayers do not have to pay taxes on savings. But this does not eliminate the need to declare the account. This is the great confusion on the part of many Brazilians. So, look how easy it is to declare.

Announce savings in IR

First of all, Federal Revenue requires that balances above R$140 be declared, so if this is your case, just go to the Goods and Rights option.

In the revenue system, the symbol for savings is “Group 4 – financial investments”. Next, the taxpayer must click on the icon 1, where the “Deposit to a savings account” highlight appears. The next step is to click on “New”. The IRS will ask whether the savings belong to the advertiser or a dependent. See what your condition is.

Then it is necessary to indicate the country in which the taxpayer is located and fill in other information about the savings account bank. The next step is about values. You must indicate the balance in the account between December 2020 and the same month in 2021. That is, in the base year period for the current income tax return.

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Since it is exempt from tax, after providing this information, the taxpayer must take another step to declare IR . savings. It’s also on the Assets and Equity tab, this time only in the Exempt Income option. The taxpayer will click on “Linked Income” and report the savings income.

The same process must be repeated for all savings, if the taxpayer has more than one saver, including dependents. Remember, the income tax return deadline ends on May 31.