How to fill out IRS Youth?
Notice how to fill out the statement to benefit from this regime.
IRS Delivery: What to fill out to benefit from Young IRS?
Are you submitting the IRS statement referring to 2024 income? You can fill it out with the Young IRS, according to certain requirements.
To do so, we then explain the steps you must follow to fill out the necessary to be able to access the tax benefit in question.
This is what you must fill out to access the Young IRS.
In Annex A of the IRS declaration (Model 3), table 4A, where your income is detailed, you must change the regime in the "Income Code" to option 417.
This option refers to earnings from dependent work, including holiday and Christmas bonuses, including the exempt part of them - Regime provided for in article 2nd - B of the IRS Code - years 2020 and following.
Afterwards, in table 4F, you should add a line to fill in the information.
Start by filling in your NIF in the Holder, the Year of completion of your study cycle, and the Level of Qualification of the NQF with the level of studies you have completed.
In the same line, you must also enter the Tax Identification Number (NIF) of the educational institution where you studied and, if it was outside Portugal, the country code where you were.
In addition, if you have open activity, you must also fill in the same information in annex B, table 3E.
But what are the requirements to have access to IRS Jovem?
- Level of qualifications equal to or higher than level 4 of the National Qualifications Framework; Source: National Qualifications Framework.
- Between 18 and 26 years old, in case you have completed a study cycle equivalent to level 7;
- Up to 30 years for those who completed a study cycle equivalent to level 8.
- Receive income from dependent or independent work after completing the study cycle.
- Not be considered dependent on parents' income tax return.
What are the exemption percentages provided for in Young IRS?
The Young IRS refers to the earnings of 2024 and is granted for five years, consecutive or interpolated, with a maximum age of 35 to enjoy the benefit in the end.
The following exemptions are provided:
- 100% in the first year with a limit of 40 times the value of IAS, which corresponds to 20,370.40€;
- 75% in the second year, with a limit of 30 times the value of the IAS, which corresponds to €15,277.80.
- 50% in the third and fourth years, with a limit of 20 times the value of the IAS, which corresponds to 10,185.20€.
- 25% in the fifth year, with a limit of 10 times the value of the IAS, which corresponds to €5092.60.
Read more: Are you entitled to Young IRS? Learn how it works
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