The retirement pension is an economic benefit granted to people who have reached the legal retirement age and have contributed to the Social Security for a minimum period of years. Therefore, since it is considered work income, it is not exempt from taxes, which makes it mandatory to present the statement of income.
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However, many people believe that when they retire, it is no longer necessary to continue to report to the tax authorities because they do not have income from a job. But, since the pensions are subject to the personal income tax Yes, it is necessary, although there are several exceptions that can free some people from this heavy paperwork with the administration.
One of the cases in which retirees will not have to make the Income statement is when income does not exceed 22,000 euros per year. This measure is also valid for passive benefits that include “pensions and passive assets received from public Social Security schemes and other public benefits for situations of disability, retirement, accident, illness, widowhood, or similar”.
At the same time, when benefits come from two or more payersthe maximum to avoid having to make the Rent decreases up to 14,000 euros. In addition, the income of the second and subsequent payers must exceed 1,500 euros. The second payer will also be considered pensions from abroad that exceed 1,500 euros, in this case the limit is set at 15,000 euros.
Another important point is that to calculate these amounts, you not only have to look at the amount of the pension, since if it does not exceed the marked amount, but the retiree obtains income from movable capital and these exceed 1,600 euros, the statement of income. These range from full returns on movable capital (non-exempt share dividends, interest received from deposits, accounts, etc…) to capital gains, including prizes in contests, online games, poker or reimbursement of investment funds or sale of shares, among others.
Other exempt pensions:
– Pensions derived from medals and decorations for acts of terrorism.
-Pensions apmutilated or injured in the Civil War.
-Contributory permanent disability pensions both in their absolute degree and severe disability, and with the exempt limit of the maximum amount of pensions.
-Pensions for uselessness or permanent disability of the Passive Class Regime.
-The pensions and passive assets of orphans and in favor of grandchildren and siblings, under 22 years of age or disabled for all work.
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