In 2024, your chances of getting a whopping 20% bonus from the state on your stock ETF savings plans will increase. Because an additional 17 million taxpayers can benefit from the employee savings allowance (more on this here). But that’s not the only change coming your way next year. The most important topics at a glance, starting with income, investments and taxes:
You get more income tax-free
The basic allowance will increase in 2024, from €10,908 to €11,604 for single people; for married people it will in future be €23,208. Until then, your income will be tax-free in the future; taxes will only be due above that point. Other allowances also increase, e.g. B. the child allowance. It increases from €8,952 to €9,312 per child. You can find more information about the allowances in our guide.
Shorter tax deadline
Do you have to file a tax return? Then put September 2nd in your calendar now. Because in 2024 you have to hand it in a month earlier. It’s best to do this before your summer vacation, then you’ll save yourself some stress. Our tried and tested recommendations from 2023 are: Just in case, Wiso tax 2023* and tax savings declaration 2023 (without photovoltaics); If you are not self-employed, our price-performance tip Tax 2023* is usually sufficient. Or in very simple cases you can submit the declaration via the app. We were particularly impressed by Steuerbot*, Wiso Steuer* and Taxfix. We will test the 2024 versions in the spring.
You can renovate your house with the Riester contract
From 2024 you can also use the money from your Riester contract to renovate your home’s energy efficiency. To do this, you convert it into Wohnriester. Until now, this was only possible for building, buying or making age-appropriate conversions.
In the future you can use your Riester contract, for example: B. installing new windows or insulating the facade. You can find more information in our guide. With our book Energy Renovation: Simply Explained* you can get an initial overview of what you have to prepare for during such a renovation.
The pension will increase from July
Pensioners will receive more money from July 1st. Because the pension value is expected to increase by 3.5%. With a pension of €1,300, that would be a good €46 more per month. The exact figures will be available in March – and the increase could be even greater. This is due to the increase in wages in 2023, to which the pension increase is linked.
And not only are old-age pensions increasing, but also, for example, B. also the disability pension. If your disability pension started between 2001 and June 2004, you will receive 7.5% more. Your disability pension started between July 1, 2014 and 2019? Then you automatically get 4.5% more. You can also earn more without your pension being reduced. You can find out how much in our guide.
Social security contributions are rising – but not for everyone
If you have a higher income, you will have to pay higher social security contributions in 2024. Because the contribution assessment limits are increasing. Firstly in pension and unemployment insurance and also in health and nursing care insurance. You only have to pay nothing into social security from the portion of your salary above this limit.
In statutory pension and unemployment insurance, the limit increases from €7,100 to €7,450 (east) or from €7,300 to €7,550 (west) gross per month. In nursing care insurance and statutory health insurance, the limit rises to €5,175 everywhere. You can switch to private health insurance in 2024 if you earn more than €69,300 gross. But you should think about this carefully, because changing back is hardly possible. You can find out whether switching is an option for you in our guide.
Lower income limits for parental allowance
If you have children after April 1, 2024, lower income limits for parental allowance should apply. Then only parents whose taxable income was less than €200,000 in the calendar year before the child’s birth should receive parental allowance. In addition, couples should only be able to receive parental allowance for a maximum of one month at the same time.
However, this should not apply to premature babies and multiples. The new regulation is not yet in force, but was discussed in the Bundestag’s budget committee. So plan for them just to be on the safe side. You can find out how taxable income is calculated here.
More money for trainees and a higher minimum wage
From January 1st, the minimum wage will be €12.41, previously it was €12. This means you can earn more in a mini-job. The limit increases from €520 per month to €538 per month. In the future, you can earn €6,456 per year in a mini-job.
If you start training in 2024, you will receive a higher minimum salary. It determines the minimum amount of money you will receive if you do training in accordance with the Vocational Training Act or if it is regulated by the craft regulations. In the future, you will receive at least €649 in the first year of your apprenticeship, at least €766 in the second, at least €876 in the third and at least €906 in the fourth.
Citizens’ money is increasing
If you are dependent on social assistance or citizen’s benefit, you will get more money in 2024. Single adults then receive €563 per month, young people between the ages of 14 and 17 receive €471. Children get 390€ (six to 13 years) or 357€ (up to their 6th birthday). You can read how to get citizen’s money in our guide.
You can put more money into your company pension tax-free
In 2024, you can invest more in your company pension plan (bAV) tax-free. Then you can pay in up to €604 per month tax-free, €302 are tax- and social security-free. Nevertheless, you should calculate whether a company pension scheme is worth it for you. Our guide will help you with this.
Author
As of December 29, 2023
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2023-12-29 09:35:10
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