INSS beneficiaries aged over 65 are entitled to dual income tax exemption. The legislation allows the appeal in the limit of R$ 1,903.98 monthly on taxable income. However, there is also the possibility of age exemption, which is levied on earnings of R$ 1,903.98 or more per month.
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However, it is worth mentioning that the value of the amount after deducting the bonus enters as taxable income, with due tax collection. The rule also applies to private pensions or those transferred to remunerated reserves or retirement from the month in which they reach the age of 65.
In addition, the bonus is not applicable to occasional wages resulting from any activity carried out in the year or other taxable income, such as rent. Including, it is necessary to declare the receipt of all rents. The other IR rules for retirees are the same as those followed by other taxpayers.
However, be careful not to confuse the “double exemption” for retirees with sickness benefit in cases of serious illness, which are fully exempted. Thus, only taxpayers with specific diseases as mentioned in the law receive this benefit.
When filling out the “Rendies Exempt and Non-Taxable Income” form, in line “10 – Exempt portion of retirement income, remunerated reserve, retirement and pension for claimants aged 65 years or more", indicate which portion is exempt from retirement or pension.
The requested information is:
Such data are described in the INSS earnings report. With that, that citizen who was already 65 years old since January 2021 declares, in value, the total of R$ 22,847.76, plus the 13th of R$ 1,903.98. The amount that exceeds the total allowed in the year must be declared in the form “Taxable Income Received from Legal Entities”.
