In Mexico, Retired and pensioners can benefit from various fiscal deductions that allow them to reduce their tax burdenaccording to the Taxpayer Defense Attorney (Prodecon). However, these deductions are only applicable if retirement or pension income exceeds the limits of income tax (ISR). If the income does not reach those amounts, a balance in favor is not generated due to the lack of tax withholding.
The Prodecon, in its recent ‘Guide for retired and/or pensioner people’, explains the most relevant deductions that these taxpayers can use. Among them are medical expenses, funerals, donations, mortgage interests, contributions complementary to the retirement, medical expenses and compulsory school transportation. For these expenses to be deductible, they must be paid through specific methods, such as nominative check, electronic transfer or credit/debit cards, using bank accounts in the name of the taxpayer.
Los medical expensessuch as doctors, dentists, psychologists, nutritionists, as well as certain hospital and rehabilitation expenses, they are deductible, as long as the payments are made in the name of the taxpayer or their direct relatives.
In addition, the Funeral expenses They are also deductible, with an annual limit equivalent to an UMA, while early funeral services can only be deduced in the year they are used. Donations, meanwhile, are deductible to 7% of the cumulative income of the previous fiscal year, provided they are not remunerative or onerous.
Other deductible concepts include real interest interests and complementary retirement contributionswhich can be deduced up to a maximum of 10% of the cumulative income, with a limit equivalent to five annual umas.
Besides, The medical expenses insurance premiums and compulsory school transport paymentsthat they are part of the tuition or required by educational regulations, can also be considered for deduction.
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