We review the key points in the taxation of pension plans that you should take into account
When doing the statement of income It is important to review pension plans since they are one of the financial products that help us lower our statement. It should be borne in mind that important tax changes were introduced in 2015, especially in the field of pension plans, which we review below.
- After the tax reform, the maximum amount of deduction It fell from 10,000 euros to 8,000 euros. The taxpayer can deduct on a maximum of 8,000 euros and 30% of the sum of income from work and economic activities, regardless of the participant’s age.
- The maximum contribution limit in favor of the spouse is maintained at 2,500 euros, provided that the latter has income from work and economic activities less than 8,000 euros per year.
- In addition, there is the possibility of rescue contributions of pension plans carried out with at least 10 or more years of seniority as of January 1, 2015. In this way, the participants would have the possibility of reimbursing consolidated rights as of January 1, 2025 if they wish.
- The transitory regime is maintained by which it is possible to apply a reduction of 40%in the redemption in the form of capital of contributions prior to December 31, 2006.
- The tranches and marginal rates of the personal income tax.
- The income tax brackets with regard to the Savings tax base they range from 0 to 6,000 euros, from 6,001 to 50,000 and more than 50,000 euros.
When can a pension plan be rescued?
Traditionally one of the main problems of pension plans is the lack of liquidity. However, a series of exceptional assumptions are taken into account that allow the collection of the pension plan to be anticipated.
- Retirement
- Total and permanent work incapacity for the usual profession, or absolute and permanent for all work, or severe disability.
- Severe dependency or great dependency.
- Death.
- Serious illness.
- Unemployment (On the other hand, we can collect it in a single payment or in periodic installments).
Pension plans are taxed as income from work, with which the tax rate can range from 20% to 47%for income exceeding 60,000 euros.
How to avoid sanctions?
If we want to avoid sanctionsit is not necessary to forget to present complementary declarations replacing the reductions in the tax base practiced and including default interestin those cases other than those mentioned in which, exceptionally, these consolidated rights have been fully or partially disposed of.