The Income Tax Return campaign for the 2023 financial year began on April 3 and will end on July 1. During this time, taxpayers must regularize their tax situation with the Tax Agency. However, just as there are some citizens who are exempt from carrying out this procedure, which is annual, there are also others who can enjoy deductions.
Taxpayers can deduct energy efficiency improvement works in homes, donations to foundations and associations declared of public utility. In the family environment, this incentive can also be applied to children, as long as the stipulated requirements are met. The most important is the minimum for descendants, although it is not the only one, also large families and women with children under three years of age or for maternity.
Up to what age can you have deductions for your children?
As CaixaBank explains in its blog, these are the requirements established by the Tax Agency to be able to enjoy the deductions in the 2023 Income Tax Return:
– The descendant must reside with the taxpayer and be financially dependent on him, and be under 25 years of age (as of December 31, 2023). If the descendant lives in another place because he is studying, it is also admitted.
– In the event that the parents are separated or divorced, it will be the parent who has custody of the descendant who can apply the minimum for descendants. If custody is shared, this minimum will be prorated equally between both, regardless of whether the children have paid taxes jointly with one of them (unless, in the latter case, the descendant has received more than 1,800 euros in income).
– If the child is under 25 years old, it is necessary that he or she has not received income in excess of 8,000 euros per year (tax-exempt income is not counted here) and that he or she has not individually filed an income tax return. above 1,800 euros (except in the case of joint taxation with parents, which does not prevent the application of the family minimum for descendants).
The Tax Agency also allows this deduction to be applied to descendants over 25 years of age, as long as they have a degree of disability of 33% or higher.
The descendant may be a child, grandson, great-grandchild or successors or warded or fostered persons. Also included in this category of descendants are those over whom there is custody by judicial resolution. However, economic dependency is integrated into cohabitation, unless annuities are paid for child support, which must be taken into account when calculating the full amount.
How much can you deduct?
In general, the minimum tax relief per descendant would be:
2,400 euros per year for the first.
2,700 euros per year for the second.
4,000 euros per year for the third.
4,500 euros per year for the fourth and subsequent rooms.
If they are less than three years old, the minimum increases by 2,800 euros per year. Furthermore, if there are several taxpayers entitled to the application of the family minimum for the same descendant, for example, equal degree of relationship, the amount is prorated among them in equal parts.
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