IDeCO and E-Tax
Posted: Tue Jul 21, 2020 9:55 am
Hi All,
Carrying on from my post yesterday (Thanks for all the help answering those questions btw). Ideally, I would like to contribute to my monthly 12,000 yen IDeCO contribution myself without having to worry about sorting it with my employer/coming out of my salary.
I assume if you make your own contributions then you also have to declare it all yourself too to obtain the tax benefits? Additional question: Does the deduction from from your income tax or Resident tax (or a combination of both)? If anyone can explain the calculation that would be great as I am trying to figure out how much tax I would save for 2020 because I can only contribute August 2020 to December 2020 (60,000 yen) as opposed to 144,000 yen
I have been playing around with the E-Tax system to figure out how one declares the IDeCO contribution themselves but struggling to figure it out. Would I add the (up to) 144,000 yen IDeCO contributions to the "social insurance" part of the tax deductibles? (it's the only deductible which makes logical sense).
See image below. As you can see for 2020, I will pay 523,800 from my social insurance deductions from employer. The 30,000 is my Furosato Nozie donation for 2020....but cannot really see where I would add my hypothetical 60,000 yen IDeCO (August 2020 to December 2020) contributions.
Any advice there would be greatly appreciated. Like I mentioned, I would rather avoid doing this through my employer as I can just foresee setting it up with them being a nightmare, which would likely result in my missing my August 2020 contribution.
https://ibb.co/Xb9skTx
Carrying on from my post yesterday (Thanks for all the help answering those questions btw). Ideally, I would like to contribute to my monthly 12,000 yen IDeCO contribution myself without having to worry about sorting it with my employer/coming out of my salary.
I assume if you make your own contributions then you also have to declare it all yourself too to obtain the tax benefits? Additional question: Does the deduction from from your income tax or Resident tax (or a combination of both)? If anyone can explain the calculation that would be great as I am trying to figure out how much tax I would save for 2020 because I can only contribute August 2020 to December 2020 (60,000 yen) as opposed to 144,000 yen
I have been playing around with the E-Tax system to figure out how one declares the IDeCO contribution themselves but struggling to figure it out. Would I add the (up to) 144,000 yen IDeCO contributions to the "social insurance" part of the tax deductibles? (it's the only deductible which makes logical sense).
See image below. As you can see for 2020, I will pay 523,800 from my social insurance deductions from employer. The 30,000 is my Furosato Nozie donation for 2020....but cannot really see where I would add my hypothetical 60,000 yen IDeCO (August 2020 to December 2020) contributions.
Any advice there would be greatly appreciated. Like I mentioned, I would rather avoid doing this through my employer as I can just foresee setting it up with them being a nightmare, which would likely result in my missing my August 2020 contribution.