Now that it is common to talk about Afores, pensions, voluntary contributions and everything that revolves around the resources that will be available for the future, this column comes as a finger ring because it is the issue we will address.
The pension is nothing more than the money that has been saved through our working life in a sub-account managed by something called “Administrator of Retirement Funds (AFORE)” , which we have already touched in other columns to delimit how is that contribution made?
However, there is doubt as to whether the contribution, voluntary savings or our “monthly payment” at the end of working life will have some implication of a fiscal nature , or if today for any known or one of our clients has any involvement .
In that sense we can speak of two affectations that we must take into consideration:
a) Are the income from pensions exempt from Income Tax (ISR)? The answer is “NO”, as in accordance with section IV of article 93 of the ISR Law “retirement benefits, pensions, retirement benefits, as well as life annuities or other forms of retirement, from the insurance sub-account of Retirement or retirement sub-account, unemployment in old age and old age, provided in the Social Security Law, as well as those from the individual account of the retirement savings system provided for in the Law of the Institute of Social Security and Services Workers of the State, in cases of disability, disability, unemployment, old age, retirement and death, whose daily amount does not exceed fifteen times the general minimum wage of the taxpayer’s geographical area, and the benefit provided for in the Universal Pension Act, if they generate a surplus the tax will be paid … “
This is nothing more than multiplying the value of the UMA (it is no longer SMG) $ 80.60 for 15 times a year , which gives a limit of $ 36,270 pesos , so anyone with an income above this limit must pay on the corresponding surplus .
b) What happens if I exceed the $ 400,000 pesos dictated by the Income Tax Law? Do I have to file an annual return? In case of overcoming that strip, we actually have two options:
to. Make our declaration with the format already preloaded.
b. Choose not to submit it within the time allowed by law, because in both cases you have the same benefits for the “authorized deductions”, likewise, if you do not exceed the limit of $ 400 thousand pesos it is not necessary to present the declaration.
According to a study published in 2017, only 30% of the population will be entitled to a pension due to the following conditions:
a) Years of contribution
b) Level of savings
c) Level of contribution
e) Fees on pensions
Therefore, it is important to take into account all the implications that pensions have not only for the future, but for the present and throughout our working life.