I have two children; how much can I deduct?
If you are married and have two children who are, for tax purposes, your dependants, there are a number of possibilities for you in terms of tax allowances:
- You can deduct the premiums paid on an insurance product that meets the conditions imposed by law, up to €672 per year for each member of your household. Your tax-paying household may therefore deduct up to €2,688 of your taxable income per calendar year on your tax return.
- Debit interest on a property loan may also be deducted up to €336 per tax-paying member of your household (e.g. €336 x 4).
- You can deduct from €1,500 to €3,200 per spouse from your pension insurance (retirement provision).
- You can also profit from the increased ceiling on the single premium paid in the framework of credit protection insurance covering your mortgage on your principal residence, and a further increase per year of age above 30 years, subject to compliance with the specific terms and conditions in force. Contributions paid to a home savings account are, under certain conditions, tax-deductible up to €672 per year and per tax-paying member of your household..