Income Tax Return 2024 for the over 65s: all the key points

The Renta 2024 campaign is already in full operation. The deadline for filing the return started last April 2nd via Internet. For those taxpayers who prefer a more personalized attention, from May 6 to June 30, 2025, the Tax Agency will prepare the Income Tax Return by telephone. However, the appointment request to access this service starts a few days before, on April 29th.

On the same day, taxpayers over 65 years of age whose tax domicile is in municipalities with less than 3,000 inhabitants will be able to request an appointment to receive personalized video assistance from Agency officials from May 6. For this age group, BBVA has compiled the main issues that may affect them when preparing and filing their tax return.

Exempt income

It should be taken into account that the following benefits are taxed as earned income: pensions from the Social Security and Passive Classes; benefits received by the beneficiaries of mutual insurance companies; those derived from pension plans, corporate social welfare plans or insured welfare plans; and benefits received by the beneficiaries of insurance contracts entered into with social welfare mutual insurance companies or dependency insurance companies.

Exempt income

On the other hand, income exempt from personal income tax is included in Article 7 of the Personal Income Tax Law and includes the following pensions:

-Pensions recognized to the taxpayer by the Social Security or by the entities that replace it as a consequence of absolute permanent disability or great disability. This exemption applies both to pensions from the Social Security and those paid by entities that replace it as a consequence of absolute permanent incapacity or great disability. And the ceiling of this exemption will be the maximum benefit recognized by the Social Security, with the excess being taxed as earned income.

-Pensions for uselessness or permanent disability of the public regimes of Social Security and Passive Classes, as long as the injury or illness that had been the cause of the same, disqualifies completely the recipient of the pension for any profession or trade, and those paid equally by the public regimes of Social Security and Passive Classes in favor of grandchildren and brothers and sisters under 22 years of age or disabled for any work.

-Public benefits for foster care of disabled persons or persons over 65 years of age.

-Financial aid granted by public institutions to disabled persons with a degree equal to or greater than 65%, or over 65 years of age, to finance their stay in residences or day centers, if the rest of their income does not exceed twice the IPREM (16,800 euros per year).

-Public economic benefits linked to the service, for care in the family environment and personalized assistance derived from the Law for the promotion of personal autonomy and attention to people in a situation of dependency.

-Benefits obtained in the form of income by persons with disabilities corresponding to contributions to social welfare systems set up in favor of persons with disabilities, up to a maximum annual amount of three times the IPREM (25,200 euros). The excess will be taxed as earned income.

Exempt capital gains

Taxpayers over 65 years of age who sold their property last year will not have to declare the gains derived from this sale in their income tax return. The exemption also applies if the bare ownership is transferred and the usufruct for life on the property is reserved. Likewise, capital gains are exempt provided that the total amount obtained is destined within six months to constitute an assured life annuity in your favor. The maximum total amount that a taxpayer will be able to destine to this end will be 240,000 euros. On the other hand, the amounts received by those over 65 years of age who take out a reverse mortgage on their home will not be taxed in the IRPF either.

Personal and family minimum

The taxpayer's minimum amounts, in general, to 5,550 euros per year, but is increased by 1,150 euros for taxpayers over 65 years of age and by 1,400 euros for those over 75 years of age.

As for the minimum for ascendant, it refers to the parents, grandparents, great-grandparents, etc. of whom the taxpayer descends and who are related to him/her by blood or adoption.

Requirements

-That the ascendant is over 65 years of age or, whatever his age, that he is a person with a degree of disability equal or superior to 33%.

-That they live with the taxpayer for at least half of the tax period. With regard to this requirement, it is considered that disabled ascendants who, depending on the taxpayer, are interned in specialized centers, live with the taxpayer.

-That the ascendant has not obtained in the fiscal year 2023 incomes higher than 8,000 euros per year, excluding those exempted from the tax.

-That the ascendant does not file an income tax return with income over 1,800 euros.

Amounts

-1,150 euros per year for each ascendant over 65 years of age or with disability whatever their age.

-1,400 additional annual euros for each ascendant over 75 years of age.

-In case of death of an ascendant who generates right to the minimum for this concept, the applicable amount is 1,150 euros.

Deductions

It is possible to deduct up to 1,200 euros per year for each ascendant with a dependent disability and for the spouse not legally separated with a dependent disability.