Can I also expect a tax refund as a retiree?
May 3, 2022 | 50,00 EUR | answered by Tatiana Herrmann
Dear tax advisor,
my name is Otto Schaaf and I am a retiree. In recent years, I have always done my income tax return myself, but this year I have a feeling that I may have overlooked something. Therefore, I wonder if I, as a retiree, can also expect a tax refund.
My situation is as follows: I have been receiving my pension for several years and have no other income. I did not have any major expenses last year that I could claim for tax purposes. However, I have heard that there are also opportunities for retirees to save on taxes.
My concerns are that I may have done something wrong in preparing my tax return and as a result, may have given away money. Or that there may be tax benefits that I am not aware of and therefore have not taken advantage of.
Can you please tell me if retirees can generally expect a tax refund? Are there specific regulations or allowances that retirees can benefit from? And if so, how can I ensure that I maximize all opportunities and do not leave any tax benefits unused?
Thank you in advance for your help and support.
Best regards,
Otto Schaaf
Dear Mr. Schaaf,
Thank you for your inquiry and your trust in my expertise as a tax advisor. As a retiree, you do indeed have the opportunity to save taxes and, under certain circumstances, expect a tax refund. There are special regulations and allowances that retirees can benefit from, so it is advisable to carefully review your tax return and make any necessary adjustments.
First and foremost, I want to emphasize that pensions are generally subject to taxation. However, there are also allowances and tax-reducing possibilities that retirees can benefit from. These include, for example, the so-called relief amount for older people and the pension allowance. The relief amount for older people is granted once you have reached the age of 64 and can reduce your taxable pension by up to 40 percent. The pension allowance is a certain percentage that remains tax-free for new retirees.
Furthermore, there is also the possibility to claim certain expenses for tax purposes, even if you did not have significant expenses. These include, for example, household-related services, craftsman services, or extraordinary expenses such as high medical costs. It is therefore worth checking your expenses again to see if you can deduct anything.
To ensure that you make the most of all opportunities and do not miss out on any tax benefits, I recommend that you seek individual advice from a tax advisor. A tax advisor can help you optimize your tax return and identify potential savings opportunities. Additionally, a tax advisor can professionally review your tax return and ensure that you have not made any mistakes that could lead to a tax bill.
I hope that this information has been helpful to you. If you have any further questions or need assistance, please feel free to contact me.
Best regards,
Tatiana Herrmann
