Two weeks ago, the tax card for 2024 arrived – it shows how much you have to pay in tax in the coming year. But the information is calculations, not a conclusion.
Since interest rates have changed frequently in 2023, the amount you can deduct from tax has also changed significantly.
But the tax card has not necessarily caught up with either all the changes or other events that affect your finances. Have you, for example, changed jobs or bought a home at the end of the year?
Then you must pay particular attention. If the deduction is set too low or the salary too high, employers may deduct too much tax from the salary.
In other words: if you correct the amounts, you will receive a higher salary than the tax card indicates. It takes a few minutes at most to make these changes.
You can change your tax card at any time, but if you want to avoid starting the year with too much (or too little) tax, you should correct your tax card well in advance of the first salary payment.
– An educated guess
We entered 2023 with a key interest rate of 2.75 per cent and are speeding out of the year with an interest rate of 4.5 per cent. As a result, the interest deduction also changed significantly. One of the most important items in the tax card is the size of the interest deduction.
The Taxpayers’ Association informs Nettavisen that a record number of people have changed their tax card in 2023 – this is mainly due to all the interest rate jumps throughout the year, most recently on Thursday 14 December.
– The tax card is a qualified guess at what income, deductions, debts and assets you will have next year. You should check the information carefully, says tax advisor Kjell Magne Ryland in the Taxpayers’ Association to Nettavisen.
Salary: The payslip that you receive in December shows how much you have received in salary throughout the year. Check that this amount matches the tax card. If you expect to go up or down in salary, you should change your salary income. You can also check which information your employer has reported to the Swedish Tax Agency.
Pension: Check the figures you get in the overview from NAV or others who pay pensions.
Debt and/or wealth: Check the figures you get from the bank with an overview of debt, debt interest and any wealth.
Sickness benefits, unemployment benefits, parental benefits and other benefits from NAV: Check the figures you get in the overview from NAV.
– Avoid paying too much/too little
If you see any deviations from the real numbers, you should change the card immediately.
– Then you avoid paying too much or too little tax throughout the year. If you have tight finances, it can be particularly important to check the information, so that you don’t get paid too little each month or an unexpected back tax, he recommends.
The figures in the tax card for 2024 are taken from various sources.
– Don’t think everything is correct
Income information from the employer is normally the income for October 2023 multiplied by twelve, adjusted with an expected wage increase of 4.9 per cent.
If you have loans or bank deposits, the figures for interest deduction and interest income will be taken from the tax return for 2022, but with an adjustment due to increased interest rates.
– The information in the tax card is partly “retrospective”, which makes it particularly important to check the basis if major things happen in your finances in 2023 or 2024.
Remember that you can change your tax card throughout the income year.
– So if in the course of the next year you see that your basis changes, you should therefore think through whether there is a need to change the tax card. It is not a good solution to take for granted that everything is updated automatically and that everything written there is correct, says Rydland.
– Probably wrong
If you can tick one or more of the points below, it is true that the tax card you receive on Friday is incorrect.
- First year you are an old-age or disability pensioner.
- Your first year in full-time employment.
- If you have major changes in loans – or high loans.
- First year of taxable rental of housing.
- Buying or selling a home.
- If you have inherited a larger amount (can provide higher interest income/yield and wealth).
- If you have major changes in salary income, combined with overtime or bonus (the percentage figure may be incorrect).
- Change of job – changes in travel distance/commuter status.
- Change in living situation as a result of break-up or death.
- Been laid off or dismissed.
– If you have bought a more expensive home and increased your debt by one million, that in itself will result in an increased interest deduction of NOK 60,000, given a loan interest rate of six percent. If the tax card does not change, in isolation you will pay approximately NOK 13,000 too much in tax throughout the year, says Ryland.
2024-01-05 18:29:07
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