Russians aged 55 to 60 will receive the latest free allowance starting from 2025
New Tax Exemption for Pre-Retirees and Seniors in Russia
The Russian government has introduced a new tax exemption for pre-retirees and certain senior taxpayers, effective from 2025. This exemption is designed to provide tax relief to individuals approaching or at retirement age, but it comes with specific conditions.
Starting from 2025, individuals aged 65 and older will be eligible for an additional $6,000 deduction on their taxes for the years 2025 through 2028. However, this exemption will not be available from 2029 onward. For married couples filing jointly, if both spouses are 65 or older, each can claim the $6,000 exemption, totaling $12,000. However, married couples filing separately are not eligible for this exemption.
The deduction phases out for singles with a modified adjusted gross income (MAGI) above $75,000 and for married joint filers with MAGI above $150,000. Taxpayers must provide a Social Security number to claim the exemption.
The exemption applies to an apartment, residential house, garage (or parking space), outbuildings on the plot up to 50 sq.m., and a plot of land up to 6 acres. It is important to note that only one object of each type of property is eligible for the exemption.
Interestingly, the new benefit does not consider income level, employment, or other usual factors. Only age matters for the new benefit. This means that even individuals with high incomes can benefit from the tax exemption, provided they meet the age requirement.
In addition, the rules also apply to certain preferential categories, including teachers, medical workers, workers in the Far North, and some creative workers who have the right to early retirement due to years of service or seniority.
Russians aged 55 for women and 60 for men in 2025 will automatically receive a new state support measure. Furthermore, Russians with children will receive 17,000 rubles each in August, funds will be credited to cards on the 5th.
It is important to note that if the emergence of the right to the benefit is not automatically sent to the tax office, the citizen should contact the department for clarification.
The government encourages citizens to be vigilant and avoid scams, especially online. A new brutal scam scheme has been identified in online stores, so if you see any suspicious details, it is advised to close the site immediately.
[1] Source: [Link to the official government announcement] [3] Source: [Link to the tax office's explanation of the new exemption] [5] Source: [Link to the detailed rules and conditions for the new exemption]
- The tax exemption for pre-retirees and certain senior taxpayers in Russia applies to financial aspects of business, as it concerns the deduction on taxes for individuals aged 65 and older, and provides relief to those close to or at retirement age.
- The tax exemption, effective from 2025 in Russia, extends to specific business ventures such as residential homes, garages, outbuildings, and plots of land, making these exempt from taxes for individuals who qualify under the given criteria.
