5. How to receive a tax deduction. Memo

If last year you spent money on the dentist, bought medicines, paid for your children’s education – you have not parted with your money forever. Some of it can be refunded. We have prepared a handout on tax deductions for you.

A tax deduction can be obtained not only when buying an apartment, but also when acquiring a land plot for the construction of housing.

If you bought a home using a mortgage loan, you can also file a mortgage interest deduction.

When you visit a doctor at a fee-paying medical center, don’t forget to take the necessary documents. Keep prescriptions and receipts from pharmacies so that you can claim a deduction for medicines.

You can offset some of your tuition costs – not only yours, but some of your relatives’ as well.

Please note: social deductions include deductions for medical treatment, education, life insurance, VMI, NPF, charity.

In total, up to 15,600 $ may be returned to your account for all items of social deduction. The education of children is a separate item. The deduction amounts to 50 thousand $. This means that you can receive up to 6.5 thousand $ for each child.

Investors are entitled to an investment tax deduction. Open an IIS (individual investment account) and deposit funds into it. If you deposit 400,000$ into an IIS, you can receive a deduction of 52,000$.

 
What you need to get a tax deduction

Tax deductions are granted in the amount of 13% of personal income tax withheld. You can find out how much your personal income tax amounted to in the personal income tax certificate 2 in paragraph 5. If there is not enough personal income tax for that year to receive the maximum amount of social deduction, it is not possible to carry over the remainder of the deduction to the next year. You can receive a social deduction every year.