The IRPEF adjustment on pensions is arriving in 2024. We will explain how it works and what the INPS news is.
2024 brought with it some changes to the Italian pension system. Particular attention is paid to IRPEF adjustment on pensions paid by INPS in the first two months of the year.
INPS has issued circular 1/2023 which provides information on the functioning of the equalization – Ciyrumors.it
With the aim of ensuring correct application of tax withholdings and fair recovery of sums due, INPS has issued circular 1/2023. The circular provides detailed information on the indexation of pensions and the functioning of the equalization.
INPS, as withholding agent for pensioners, can apply tax withholdings on the pension slip on a monthly basis, guaranteeing the crediting of the net amount of the pension. However, at the end of the year, it is necessary to make an IRPEF adjustment, similarly to what happens with the pay slips of employees.
The balance consists of recalculating the deductions made and comparing them with those actually due. The debit differences resulting from this calculation will be recovered through the pensions paid in the months of January and February 2024. It is important to underline that this process does not only concern the February pension, but also involves that of January, thus covering both months in which the adjustment is applied.
Withholding payment in installments
One of the main innovations introduced in 2024 concerns the installment of the IRPEF withholding for social security payments up to 18 thousand euros per year. For pensioners who are in this amount range and who have to face debt adjustments exceeding 100 euros, an installment plan is expected which will continue until November 2024.
This means that the debt sums will be recovered monthly, with equal amounts, on the pension from January to November. The approach aims to dilute the financial impact on the pensioner by offering a repayment plan spread over time. Payment in installments is a strategy aimed at ensuring the recovery of sums in a fair manner, taking into account the financial capabilities of the pensioner.
The adjustment only concerns the amount of pension benefits paid by INPS – Cityrumors.it
It is essential to clarify that the adjustment concerns exclusively the total amount of pension benefits paid by INPS. Other elements, such as any additional income, are not included in the adjustment calculation. Therefore, the pensioner must be aware that installment payments and tax recovery are limited to INPS pensions. The final adjustments relating to the total income for 2023 will subsequently be verified during the 2024 tax return. Any credit amounts will be paid according to usual practice, with the credit provided in the September payslip.
In conclusion, the IRPEF adjustment on pensions in the first months of 2024 represents a fundamental step to guarantee fiscal equity between what is withheld and what is actually due. The installment of the debt amount for pensions of up to 18 thousand euros per year aims to facilitate the recovery of the sums without excessively impacting the pensioners’ budget, offering a more gradual and sustainable approach.
2024-02-05 14:00:10
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