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Who won't have to pay tax on bank deposits in 2024
Some Russian depositors who received dividends on bank deposits in 2023 will begin receiving tax notices indicating personal income tax on this interest from 2024.
As experts explain, people who do not want to pay this tax next year will now have to find a way to avoid it. The expert said that citizens can influence the profitability of their deposits, thereby minimizing the likelihood of taxation.
Firstly, it should be borne in mind that the amount of interest income exempt from personal income tax changes every year. It depends on the value of the main interest rate of the Central Bank of the Russian Federation for the year in which the tax is calculated. The maximum values are taken into account from the values valid as of the 1st day of each month during the year.
It is not yet known how the regulator's key rate will change during 2024, but as of January 1, it was 16% per annum. This means that 160 thousand rubles in interest on bank deposits will definitely not be taxed this year.
This means that in 2024, Russians will be able to open deposits for up to one million rubles and will not have to pay taxes on interest on these deposits. Given the current value of the central bank's key interest rates, the amount of dividends will certainly be lower than the tax base.
Secondly, when determining the tax base, the total amount of interest received by the citizen on all deposits and accounts throughout the year is taken into account, excluding ruble demand accounts at a rate of up to 1% per annum. Escrow account.
It does not matter when exactly the agreement on opening a deposit was concluded with the bank, the main thing is in what year the bank accrued interest on it. Therefore, it is advisable to try to make deposits for a period of less than one year, where the amount of tax-free income is known, or to choose deposits on which interest is accrued monthly, and not the entire amount at once upon maturity. agreement.
Third, it is important to understand that because interest income is treated separately, the IRS will not combine income earned by two investors who are spouses, parents, or children of each other.
Therefore, one large deposit can be divided into several smaller ones and distributed among each family member so that they do not exceed the tax-free amount, the lawyer explained.