2020 tax return: Viisi's tips and checklist
As of 1 March, you can submit your income tax return for 2019. What should you pay attention to when completing it? And which deductions can you include when you (just) have an owner-occupied house? In this article we give you a few tips, and we also share a handy checklist.
What should I be paying attention to when completing my tax return?
- Check that the pre-completed tax return is accurate. The Tax and Customs Administration usually fill in the digital form for you automatically. However, it is possible that something is incorrect. You yourself are responsible for correctly completing your tax return. That’s why, in order to avoid future surprises, it’s good if you read through everything again.
- Do you have a tax partner? If so, by smartly dividing your items such as the mortgage interest deduction, you can sometimes come out cheaper. This of course depends on your situation. If you’ve bought a house together, you are automatically a tax partner.
- Did you buy a dwelling in 2019? In that case, in addition to the mortgage interest deduction, you have a number of additional one-off tax-deductible items. You can find an overview here of the deductible costs incurred.
- Did you sell a dwelling in 2019 or did you remortgage? In that case, use this comprehensive checklist from the Tax and Customs Administration to see if you can deduct expenses.
- Note: did you buy a dwelling with your current partner for the first time in 2019? And is this not your first owner-occupied home? Then it is advisable to have your tax return done by a tax consultant. You both then have a different home ownership history and it is important that this is properly reflected in your tax return.
- Are you in possession of a nationally listed building? If so, you can no longer deduct the maintenance costs. That was possible up to and including 2018. As from 2019 you can apply for a subsidy for these costs.
- Did you study in 2019? If so, you can deduct a number of costs that you have incurred, provided that you have not received a student loan.
- Take a good look at your tax-deductible items! For example, if you often donated money to charities with ANBI status, you may then deduct them from the tax. There is, however, a threshold of 1% of your income.
- If you incurred healthcare costs that were not reimbursed by your health insurance last year, then these may also be deducted subject to certain conditions. Note: this does not apply to the costs of your health insurance and the excess.
- Are you divorced and do you pay spousal maintenance? If so, you may also use this as a tax-deductible item. If on the other hand, you are the one receiving spousal maintenance, then you pay income tax on it.
- Do you travel by public transport for work (as an employee), but are these travel costs not reimbursed? In that case, you may deduct an amount from your income for this subject to certain conditions.
- Don’t wait until the very last moment and complete your tax return as soon as possible! That saves you a lot of stress and searching. If this is not possible before May 1st, then you may also apply for a postponement.
2020 Tax Return checklist:
Keep the following details (if applicable) to hand when you complete your tax return.
- Your citizen service number (BSN) and, where applicable, those of your partner and children
- Your bank account number
- Your DigiD and where applicable, those of your partner and children
- Your annual income statement(s) for 2019
- Any spousal maintenance received
- 2019 annual statement of your bank account(s)
- 2019 annual statement of your savings account(s) and where applicable, those of your partner and children
- 2019 annual statement of your investments
- Have you bought or sold a dwelling? Then find the completion statement at hand, which states:
○ Advice and brokerage costs mortgage adviser
○ Valuation costs
○ Costs of National Mortgage Guarantee (NHG)
○ Extension costs for mortgage offer (also called committment fee)
○ Note: if you already had paid one of these costs to the notary prior to the transfer (e.g. the costs of your mortgage adviser), then also include the invoice.
- 2019 annual statement of your current mortgage (if you have this)
- WOZ value (value for the purposes of the Valuation of Immovable Property Act) (Note: use the one from 2019 (reference date January 1st, 2019), not the one you recently received! That is from 2020)
- 2019 study costs
- Overview of gifts and donations
- Healthcare costs that have not been reimbursed to you (Note: excess and healthcare insurance costs do not count)
- Any spousal maintenance paid
- Public transport commuting costs
- An overview of your other loans and debts
- Details of annuity premiums paid
- An overview of invalidity insurances (AOV) paid
○ Bear in mind: The premium for a mortgage payment protection insurance with invalidity cover is often not tax-deductible! Check the policy for this or ask your adviser.
- Dividend information
- If necessary, your provisional income tax assessment for 2019
- Where applicable, your provisional assessment for the income-related healthcare insurance contribution for 2019