The deadline to inform taxpayers of the Ministry of Finance about the composition of the household at the end of 2023 ends this Thursday, and it is this information that tax authorities will take into account in the IRS return that will be filed this year.
Updating household information is relevant, first of all, for families in which changes in their composition are registered in 2023, associated, for example, with the birth of a child, divorce, change in parental agreement, death of one of the members of the couple or change of permanent residence.
Without this updated information, Tax and Customs (AT) will take into account and make calculations for IRS deduction purposes based on personal and household information contained on the IRS return filed last year.
Updating your household information can be done through the Financial Portal, and now is a good time to also include situations in which children exceed the age at which they are no longer considered dependents for IRS purposes, even if they continue to live with their parents.
Household communication must also be respected by parents with dependents in joint custody and a Parenting Agreement defining alternating occupancy arrangements, as well as the percentage of cost sharing by each custodian when unequal.
Both parents must comply with this step and the information about dependents must be the same, because if this does not happen, the tax authorities will divide the expenses in half.
“If this communication is not made within the prescribed time limit or if it is inconsistent with the communication of another household regarding the same dependent in joint custody, the dependent shall be deemed to have no alternative residence and the cost-sharing percentage of the respective custodial parents shall be divided equally “, says the information available on the Financial Portal.
Household verification also allows taxpayers to benefit from the automatic IRS (if they meet the required income profile) and allows AT to perform the necessary calculations so that people exempt from filing an IRS return can obtain and benefit from the tax exemption. for example NHS charges, social energy tariff or social support.
This step must be followed even by those who have not registered any household changes, as this is the only way to ensure that they can access (if necessary) proof of updated household composition, which may be required, for example, to renew a family pass or to enroll in public schools.
This Thursday also marks the end of the reporting period for tuition costs in educational institutions located in the interior or autonomous region (a situation in which these deductions increase), as well as rent for moving to a permanent place of residence in the interior of the country.
Author: Lusa
Source: CM Jornal
I’m Dave Martin, and I’m an experienced journalist working in the news industry. As a part of my work, I write for 24 News Reporters, covering mostly sports-related topics. With more than 5 years of experience as a journalist, I have written numerous articles on various topics to provide accurate information to readers.