Allowances: report changes and pay attention to capital limits!
Tax tip 1
Are you entitled to benefits? The Dutch tax authorities determine this based on your information available in MijnToeslagen. Capital limits are also relevant in determining this.
Did your income increase or decrease? Or are there other changes in your life, such as moving in together or divorce? Then, it is important to report these changes immediately to the tax authorities. This way, you avoid receiving too much or too little allowance.
It is best to overestimate your income a bit. This way, you avoid unexpectedly having to repay the excess amount received afterward. Do you still earn less than you specified? And does this affect the allowance to be received? Don’t worry: you will still be paid out the insufficient amount received after submitting the income tax return.
Capital limits 2020
Next to reporting changes in your personal situation timely, it is also important to take into account the capital limits if you receive allowances. The reference date for the amount of the assets is the 1st of January. Only for the childcare allowance, there is no capital limit.
Are you likely to just exceed the capital limit? Then, it is smart to spend some money. This way, you prevent the right to the allowance for the whole year from expiring. For example, you can spend money on something that forms a deductible item in box 1. Consider, for example, gifts or annuities. In that case, you lower your taxable income, and you are entitled to benefits. You can, of course, also choose to put your money elsewhere.
- No tax partner: € 116,613
- Tax partner: € 147,495
- No tax partner: € 30,846
- Tax partner: € 61,692
- No tax partner: € 116,613
- Tax partner: € 147,459
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