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Income Tax - Retirement Savings Contributions (deduction)

Verified 08 June 2023 - Legal and Administrative Information Directorate (Prime Minister)

Some retirement savings products allow you to deduct contributions from your overall net income. To qualify, you must indicate the amount of contributions paid on your income tax return.

These are retirement savings products, and therefore long-term savings.

You will have to wait for your retirement (except exceptional release case) to touch a life annuity or a capital. That money will then be taxable.

You may be eligible for the deduction of contributions you have made for the following retirement savings products, subject to conditions:

Warning  

certain contributions paid on account of self-employed professional activity are only deductible from the professional income concerned (industrial and commercial benefits - BIC or non-commercial profits - BNC for example).

Deductible contributions are those that you voluntarily pay as an individual.

FYI  

contributions paid to buy back retiring quarters are deductible under special conditions.

Amounts paid in a year shall be deductible from the taxable income of the year in question, up to a maximum fixed for each member of the tax shelter.

For example, amounts paid in 2022 are deductible from your 2022 taxable income (2023 reporting).

The amounts paid in 2023 will be deductible from your 2023 taxable income (2024 reporting).

FYI  

the limit available for contributions paid in 2023 is indicated on your 2022 tax notice.

The ceiling depends on your situation:

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You're a salaried employee

The ceiling shall be equal to the higher of the following 2 amounts:

  • 10% of 2021 professional income (net of social contributions and professional expenses) with a maximum deduction of €35,194
  • €4,114

FYI  

payments in a PER: titleContent sums from wage savings (profit-sharing, participation, employer contributions) are exempt from income tax.

You're independent

The ceiling shall be equal to the higher of the following 2 amounts:

  • 10% taxable profit 2021, up to €351,936 + 15% of taxable profit between €43,992 and €351,936
  • €4,114 + 15% of taxable profit between €43,992 and €351,936

If you do not use all or part of your deduction limit, you can carry it over to the next 3 years.

For example, if you did not use your deduction limit in 2022, you can use it to increase your deduction limit in 2023, 2024 or 2025.

The contributions paid are to be indicated in the part Deductible expenses (retirement savings) on your tax return.

Tax returns via Internet is required if your principal residence is equipped with internet access and you are able to file your return online.

For 2023, the tax return is complete.

The 2024 income tax return for 2023 will begin in April 2024.

Who can help me?

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  • For general information

    Tax Information Service

    By telephone:

    0809 401 401

    Monday to Friday from 8:30 am to 7 pm, excluding public holidays.

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    Department in charge of taxes (treasury, tax department...)