In the last year before the reform of the reductions to personal income tax for pension plans, it is important to take advantage of the tax benefits in the Income Statement for people who made contributions to this type of mechanism during 2020.
The tax base of up to 8,000 euros or 30% of income from work or economic activities, the lesser of these two amounts. In addition, it also allows the reduction of up to 2,500 euros for the contributions to pension plans of the spouses, as long as they do not receive income from work or are less than 8,000 euros per year.
The one in which these reductions can be made, which will be less by 2021. The one to be able to deduct taxes from these pension plans, lowering the amount of the own pension plans from 8,000 to 2,000 and those of the pension plans from 2,500 to 1,000 of the spouses.
Thus, for this Income Campaign, it will be necessary to take advantage of the last year in which these reductions are still extensive. To do this, you have to go to a series of boxes in which to place the information (or review, if it is already included) that will provide us with these reductions.
What are the income boxes of the pension plans?
In the declaration, it will be necessary to go to section I (Reductions in the general tax base), and within this section to ‘Reductions for contributions and contributions to social security systems’ (boxes 462 to 469) and ‘Reductions for contributions and contributions to social security systems constituted in favor of people with disabilities’ (boxes from 470 to 476).
In summary, these are the boxes that should interest you in terms of pension plans:
-462: Taxpayer who makes, or to whom the contributions and contributions are attributed
-463: Excesses pending reduction from the years 2015 to 2019 (except those derived from business contributions to group dependency insurance) (See annex C.2)
-464: Excesses pending reduction from the financial year 2015 to 2019 derived from business contributions to group dependency insurance (See annex C.2)
-465: Contributions and contributions for the year 2020 (except business contributions to group dependency insurance)
-466: Contributions for the year 2020 to group dependency insurance
-467: Amounts entitled to reduction ( + + + ) (Maximum limit article 52 of the Tax Law)
-468: Total with right to reduction
-469: Contributions to social security systems in which the taxpayer’s spouse is a participant, mutualist or owner. Total with right to reduction
-470: Taxpayer who makes the contributions with the right to reduction
-471: Tax identification number (NIF) of the participating, mutual or insured person with disabilities
-472: Excesses pending reduction from the years 2015 to 2019 for contributions made by the person with a disability (See annex C.3)
-473: Excesses pending reduction from the years 2015 to 2019 for contributions made in favor of relatives or guardians with disabilities (See annex C.3)
474: Contributions made in 2020 by the person with a disability themselves
-475: Contributions made in 2020 by relatives or guardians in favor of the person with disabilities
-476: Total with right to reduction
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