From June, millions of employees will be reimbursed for overpaid income tax, and the self-employed and pensioners will also benefit. How much can you expect?
Frankfurt – A change in income tax could have an impact on your wallet as early as July. As a result of the Tax Relief Act 2022, employees with their July salary will be reimbursed for wage tax paid in excess – retrospectively up to January 1, 2022. Accordingly, the basic tax-free allowance will increase on July 1, 2022 from EUR 9,984 to EUR 10,347 per year.
A higher basic allowance means that less wage tax has to be paid to the tax office from the salary. Thus, the net income increases. The overpaid taxes are expected to be refunded to employees from June. The amount reimbursed to employees depends on how much the person earns.
Big Tax Payback 2022: How Much Money Can You Expect?
- According to a calculation by the Association of Taxpayers for the Kölner Stadtanzeiger , a family of four , in which both parents earn 3,000 euros gross each, will save 256 euros a year in income tax. Due to the retrospective reimbursement in July, both parents together receive 150 euros more , from August they have 21 euros more net per month.
- Singles with a gross income of 2,500 euros per month pay 124 euros less income tax annually as a result of the change. According to the Taxpayers’ Association, they will have a net salary increase of EUR 74 in July, and EUR 10 more per month from August.
- With a gross income of 4,000 euros per month, single workers have 80 euros more left over from their net salary in July, and eleven euros per month from August. This results in annual savings of 136 euros .
Tax Relief Act 2022: Only employees will get money back in July
Initially, only employees will benefit from the tax cuts; they can count on more money from June. Pensioners and the self-employed can only claim the higher basic allowances in the tax return for 2022.
If you are still preparing your tax return for 2021, you can take your time. The submission deadline for these has been extended from July to autumn 2022. With a few legal tricks you can save money on the 2021 tax return. (lz)
