Retirement annuity contribution from previous year
By Marc Sevitz · Updated
I paid a lump sum into a retirement annuity investment in Feb 2014. I forgot to include any of it on my Feb 2014 tax return. There are no further contributions at this point. Q1: must I include the value of the annuity in my statement of assets and liabilities (I have rental income so I am completing that section); if so, under which heading does it fall? investments?
Q2: I saw something about carrying over R1800 in RA contributions to the next year. Is this correct? Do you put this under "arrear contributions"? Is there a limit to how long you can carry forward the excess every year?
Q2: I saw something about carrying over R1800 in RA contributions to the next year. Is this correct? Do you put this under "arrear contributions"? Is there a limit to how long you can carry forward the excess every year?
You should go back and reopen your 2014 tax return and include the contribution to get the refund.
Are you saying that I don't have to put it in the statement of assets and liabilities?
I already got a refund for the 2014 year, should I still redo that tax return? If the lump sum was more than the annual maximum must I still enter the whole amount?
I just want to know what I should do to file the 2015 tax return correctly at this point.
I already got a refund for the 2014 year, should I still redo that tax return? If the lump sum was more than the annual maximum must I still enter the whole amount?
I just want to know what I should do to file the 2015 tax return correctly at this point.
OK I see now if I file a correction on the 2014 tax return then the lump sum will be within the annual maximum for that year, so I understand that part.
So if you could just confirm if it does or doesn't have to be included in the statement of assets & liabilities, that would be great, thanks!
So if you could just confirm if it does or doesn't have to be included in the statement of assets & liabilities, that would be great, thanks!
It does not as this is not an asset of yours, but you only need to complete this section if you are a director of a company or earning income from a local trade.