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Is the annuity deductible?
If you can prove that you have a retirement shortage, you can get a fiscal advantage to save for your retirement via an annuity.
An annuity is a periodic payment at a pre-determined moment in the future. The annuity can be build up by taking out annuity insurance or by saving on an annuity bank account.
Under certain circumstances, you are entitled to an annuity as a deductible.
- You can prove that you have a retirement shortage.
- Your money is set apart at a recognized institution.
- The annuity gives you or someone else the right to a periodic payment.
- The payment fulfills certain requirements. Here, you can find out which requirements need to be fulfilled.
- You take advantage of the annuity payment on time, or you convert the annuity on time.
What amount is deductible?
The annuity is deductible for an amount equal to the annual margin or reserve margin. You have an annual margin if you did not save enough for your retirement this year and you have a reserve margin if you did not save enough for your retirement in the past seven years. The Belastingdienst designed a useful tool for calculating the deductible amount.
We are happy to help you!
The TaxSavers is happy to help you get the most out of the deductible items with your annual tax return or provisional assessment. A provisional assessment ensures that you receive a monthly refund from the tax authorities.
Do you have questions regarding the annuity deduction or other tax-related matters? Fill in our contact form or give us a call/WhatsApp us on +31 (0)20 – 2170120.