RetireJapan

Tkydon wrote: ↑Thu Nov 07, 2024 7:28 am However, I don't think you will be able to make December Contribution now. I think it is too late and the paperwork takes quite a long time to process...
The withdrawal from your bank account will be on a specified day every month by Direct Debit, and if there are insufficient funds, you will miss the contribution for that month. there are no other penalties.

Thank you so much for explaining this all so clearly. I added up my side gig income and November & December's pay will very likely tip me over that ¥200,000. I'll commit to filing a Tax Return and submit the paperwork for iDeCo now, as it will no longer matter whether it processes fast enough to make a payment this year or not. That way I'll be well set up for January either way.

It will do me good to learn how to file taxes anyway, as I'll likely be recieving a gift from my parents that I'll need to declare next year.

I take it I should inform my employer that I am planning to file my own taxes for this year, so that they don't complete the Year-End Tax Adjustment on my behalf?

No doubt I'll be back on here with more questions regarding tax filing when that time comes...

Thanks again, you guys are really helping keep my stress around financial matters in check.

Crudzilla wrote: ↑Fri Nov 08, 2024 3:37 am I take it I should inform my employer that I am planning to file my own taxes for this year, so that they don't complete the Year-End Tax Adjustment on my behalf?

Actually you should do both.

The 年末調整 generates a tax witholding certificate that you can plug in to the tax return to avoid recalculating the same info twice.

Some info on the wiki. Check the taxes section.
https://retirewiki.jp

Crudzilla wrote: ↑Fri Nov 08, 2024 3:37 am It will do me good to learn how to file taxes anyway, as I'll likely be recieving a gift from my parents that I'll need to declare next year.

I take it I should inform my employer that I am planning to file my own taxes for this year, so that they don't complete the Year-End Tax Adjustment on my behalf?

No doubt I'll be back on here with more questions regarding tax filing when that time comes...

Thanks again, you guys are really helping keep my stress around financial matters in check.

Your employer can still do the Year-End Adjustment for your employment income, and you can get a refund in December instead of having to wait until April.

You then enter the Information from the Gensen-Choushu-Hyo into the Kakutei Shinkoku to make that easier...

The Doc for 2024 Taxes should be available soon here:

https://www.nta.go.jp/taxes/shiraberu/s ... df/050.pdf
or
https://www.nta.go.jp/english/taxes/ind ... 024/01.pdf