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What You Need to Know About 2023 Tax Notices
Taxes on income from bank deposits are paid in the same way as taxes on property. Accordingly, by December 1, 2024, you will have to pay personal income tax on the total amount of interest received on all deposits in all banks for the past year.
The bank makes calculations and transfers data to the Federal Tax Service, so there is no talk of independent calculations and preparation of reports. You must pay taxes yourself. The first notification of tax on interest on deposits comes from the taxpayer's personal account. It indicates, among other things, the final payment amount.
The tax is not calculated on all income from bank deposits, but only on income exceeding the tax-free threshold. The non-taxable portion of income is calculated using the formula: "1 million rubles multiplied by the maximum value of the Bank of Russia's key rate on the 1st day of each month of the year." In 2023, the maximum value of the key interest rate under the scheme was 15% per annum on December 1.
The tax is not levied on all income from bank deposits, but only on that part that exceeded 150,000 rubles last year.
Thus, the tax-free income on deposits in the current tax period will be 150,000 rubles. (The total amount for all deposits in all banks) However, if you exceed this amount, you will have to pay a tax at a rate of 13%, and if the payer earns more than 5 million rubles (not on deposits at all), at a rate of 15%. You must pay taxes. per year. This element of the progressive scale was introduced even before the appearance of a fully progressive tax scale for individuals, the law on which was adopted this year and will come into force in 2025. That is, you will conditionally receive a profit in 2023 in the form of interest on a deposit in the amount of 151,000 rubles. Tax 130 rubles. That is, 13% of the amount exceeding 1,000 rubles. 150 rubles per year with earnings of more than 5 million rubles. And if we continue the analogy.
The date of opening of the deposit does not matter. Taxes will be calculated on the interest received in 2023. Persons who inherited deposits, deposits with a rate of less than 1% per annum (usually demand deposits), as well as persons with escrow accounts, are exempt from tax on interest on deposits. This year, it was decided to provide long-term deposit benefits to holders of long-term deposits for a period of more than 15 months and reduce the tax base to 0 won by paying interest upon maturity.
A rough calculation shows that you can earn 150,000 rubles in interest per year, based on last year's interest rates. But you had to keep at least 2.1 million rubles in deposits. (This also depends on the activity of the deposit owner, for example, whether he transfers money from deposit to deposit and how often, etc.). According to the Deposit Insurance Agency, the amount of savings of most depositors (about 98%) in banks last year did not even reach the national guarantee level of 1.4 million rubles.
The notice of the need to pay property tax for previous years is already available at least in the taxpayer's personal account on the website and/or in the FTS application. On Monday, the same notice was received by correspondents of the Rossiyskaya Gazeta. Soon after, a paper version of the notice will also be received (unless the taxpayer has decided to receive it only in electronic form).
The tax service said it plans to send out a total of 61.6 million notifications by October 20. Of these, 40 million (+17% compared to 2023) will be paid electronically, while the remaining payments will be made by registered mail. You can also connect notifications from your personal account in Gosuslugi. If the information about the property specified in the notification is incorrect, you must contact the tax office through your personal account, in person or by mail.
The IRS typically begins sending out notices in September, with property taxes due by December 1 and penalties assessed after that date. Taxpayers living in certain areas of the Belgorod and Kursk regions, as well as those affected by the flooding in the Orenburg region, have had their tax payment deadlines extended by 12 months. In addition, the DPR, LPR, Kherson and Zaporizhia regions have not introduced a property tax for individuals in 2023, so notices will not be sent in those regions.
Taxable objects are cars, apartments, land, houses, garages, etc. Simply put, you have to pay for owning different types of personal property, especially real estate. The transport tax base is calculated based on the engine power of the vehicle and, in the case of real estate, the cadastral value.
Information on the period of ownership and coefficients is also taken into account. There are also various tax benefits for property taxes. For passenger cars, the coefficient also increases for cars worth more than 10 million rubles. (The list of vehicles is updated and published by the Ministry of Trade, Industry and Energy.)
You can pay taxes using the Pay Taxes service or from your personal taxpayer account on the FTS website. You can also do this without a fee at a bank, local government office, post office or authorized MFC. The amount of your debt is indicated in your tax notice. This is not recommended and is not voluntary, but is a mandatory payment.
If you have not received a notification by November and the taxpayer knows for sure that he has property and there is no benefit from it, you should contact the tax office. By the way, if the tax amount is less than 300 rubles, the notification will not be sent at all.
Interest rates on deposits continue to rise. Large banks raised interest rates twice in September. Interest rates of 22-23% per annum are increasingly common on the market, conditions at the level of 19% are no longer surprising and, depending on the offers of credit institutions, are offered to most clients for different terms:
The average maximum interest rate on deposits for the 10 largest banks increased during September and reached 18.71% over 30 years. But in reality, you can find offers that are better than 19-20%. Banks are already advertising yields of 25-27%. This is the so-called integrated deposit. If you sign up for a long-term savings program, you can get this interest rate for 2-3 months. The maximum deposit amount cannot exceed the initial donation amount under the program.