# IMPORTANT Pensions & IRS Returns



## canoeman (Mar 3, 2011)

A friend has just forwarded this information and asked me to post here

IMPORTANT Pensions & IRS Returns
PT Financas have changed the minimum monthly level for *NON* filing for IRS returns, previously the limit was pensions *below 428€* per month did not require a return.

The limit has NOW been LOWERED to 293€ per month so a IRS return must be made for the PT Tax Year Jan-Dec 2012, if your pension/s is/are above.
It doesn't mean that you would be taxed but if you don't file a return you could well be fined.

“Statement of IRS Form 3 effective from January 2013 
The Customs and Tax Authority (AT) published yesterday a Letter circulated regarding the declaration of IRS Form 3 effective from January 2013 in order to "standardize the information provided to taxpayers give to know the major changes, not only arising directly the standards of the State Budget for 2012 (Law 64-8/2011, December 30), but also the intention to facilitate the respective filling and adequate control of the elements declared ".”

Full information law


----------



## Verinia (Apr 6, 2012)

Thanks Canoeman, very useful as always. I wonders if you could answer me a further question. We have retired to Portugal on occupational pensions, Teachers and Local Government. As I understand it these are Taxed at source by the UK govt and therefore not taxable here under the dual taxation agreement. My husband still does some work for UK companies and has registered as a trabalhador independente. He will, of course file a Portugese tax return. As I understand it, our pensions have to be taxed by the UK Govt...as such do we need to declare them on our tax returns? We do have a Portugese accountant but he doesn't seem too sure about occupational pensions.
Thanks in advance for your thoughts...


----------



## canoeman (Mar 3, 2011)

You still need to declare them but you also declare tax paid, there is a line and column on return just for that purpose, just check they *must* be taxed at source as some "Gov" employees opted out or where opted out.

Dual taxation is not about not being taxable but *is* about not being taxed on same income twice


----------



## Ronnie_Yook (May 9, 2012)

*Good work Canoe*

Good work Canoe


----------

