Do retirees receive exemption from a portion of income tax?

If you are in doubt about how to declare the death benefit received by the National Institute of Social Security (INSS) know that pensioners over 65 years old are entitled to an extra exemption on a portion of their income.

A reader sent us a question about filing income tax returns for pensioners.

• Question: I receive a pension for the death of my husband of R$ 7,000. Where do I declare it on Income Tax? I'm 45 years old.
• Response: The amounts paid to retirees referring to pension and retirement are taxable, that is, on these amounts need to declare when they exceed the exemption limit of the progressive tax table Income.

Last year, the monthly exemption limit reached R$ 1,903.98 and the annual limit, based on 12 months plus the 13th salary, was R$ 24,751.74, with no adjustment since 2015.

When we deal with retirees and pensioners who have not yet reached 65, which is the case of the participant, they must make the declaration of the totality of their income in the form 'Taxable Income Received from Legal Entity by the holder or by the dependent'.

Retirees and pensioners over 65 years old have extra exemption

When the individual who is already retired reaches 65 years of age, he is benefited by a extra installment of exemption on this income in the amount of R$ 1,903.98 per month or R$ 24,751.74 per year.

The benefit is only valid for retirement, retirement, pension and paid reserve amounts. If the retiree remains working and receives a salary, he will continue to pay the tribute normally. This condition also applies to income from child support, rent and pro-labore.

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