Nenmatsu Chosei (Year-end adjustment)

[Roger Van Zant]

Aside from submitting the little postcards I get from my earthquake insurance company and the iDeCo people to my company's HR department, do I need to do anything else? Specifically, I have a tsumitate-NISA; do I have to declare this on the forms somewhere and provide proof or something?
Thanks.

p.s. I am unmarried and have no kids (so no life insurance) so the forms are usually super easy to fill out. Just that this year I am concerned about the whole tsumitate-NISA element.

[taneandy]

After taking out a home loan and building a new house, I've got to file my taxes myself this year to get the tax break for the loan, next year it should be back to filling out a form easy levels.

My understanding is that in this situation you can still submit the nenmatsu chosei documents to your employer as normal. However, in the first year you cannot get the deduction for the housing loan as part of the nenmatsu chosei because you do not yet have the necessary documents, so you have to omit that from the nenmatsuchosei form and then apply separately at a later date. By the time you apply for the refund for the housing loan you should have received your 源泉徴収票 from work, which should make the tax return paperwork simpler.

[RetireJapan]

Specifically, I have a tsumitate-NISA; do I have to declare this on the forms somewhere and provide proof or something?

Nope, assets in a NISA account basically don't exist for tax-reporting purposes

[Roger Van Zant]

Specifically, I have a tsumitate-NISA; do I have to declare this on the forms somewhere and provide proof or something?

Nope, assets in a NISA account basically don't exist for tax-reporting purposes

Good to know! Thanks.

[Tokyo35]

Thank you Retire Japan for that reply.

To give you an update: My company's HR department said the same thing today. I had asked them earlier in the week but they answered about not needing to mention paying taxes on PROFITS (they thought I had sold stocks).

I got back to them and asked about DIVIDENDS and they again said, 'no need to mention it if already taxed'. To be clear I asked if I should write ZERO in that box, they said 'yes'.

So this is a nice benefit from having those 'special accounts'. But it is a benefit I was already sure I had and never thought about until this e-tax filing.

Regards

[Tony]

My understanding is that in this situation you can still submit the nenmatsu chosei documents to your employer as normal. However, in the first year you cannot get the deduction for the housing loan as part of the nenmatsu chosei because you do not yet have the necessary documents, so you have to omit that from the nenmatsuchosei form and then apply separately at a later date. By the time you apply for the refund for the housing loan you should have received your 源泉徴収票 from work, which should make the tax return paperwork simpler.

Good to hear. I honestly wasn't quite sure how it'd work.