If you have debts with ICETEX, batteries, you can save good money in your income tax return

This year, according to DIAN figures, more than 4.8 million Colombians will have to file their income tax returns. While the tax calendar continues to run, the DIAN reminded taxpayers that, if they have debts with ICETEX, they will be able to deduct some expenses in their tax return.

Those who have had student loans with ICETEX may deduct the interest they paid in 2022 when filing their income tax return.

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Deductions for interest paid on loans with Icetex

The DIAN establishes that Colombians who have an educational credit with ICETEX may submit the interest paid on the credit as deductible to the income tax return.

Taxpayers should note that deductible values cannot exceed 100 UVT, or about 3.6 million pesos per year.

Interest paid throughout the tax year can be deducted from income, which reduces the amount of taxes to be paid.

This represents a financial relief for many ICETEX beneficiaries, as interest on educational loans can represent a considerable portion of monthly payments.

What should you do to deduct the interest you paid to ICETEX in 2022?

All you have to do is download your tax certificate and present it to the DIAN when filing your income tax return.

Steps to access the ICETEX tax certificate

ICETEX beneficiaries must follow the following steps to download their tax certificate:

• Log on to the ICETEX website, www.icetex.gov.co.
• Click on “Students”.
• Click on “Credit Management”.
• Click on “Account Statement”.
• On your account statement enter your username and security key, then type in the CAPCHA security key and click “log in”. If you are not registered, register.
• Click on check credit.
• Click on “My Certificates”. Then, under “Tax”, you will find three certificate options: Annual Balances and Payments, Rate Benefit, and Subsidies.
• Select the year, then click on the “Generate” button and you will be able to download the certificate in PDF format.

It is essential to note that this policy of discounts in the income tax return only applies to interest generated by educational loans granted by ICETEX.

The tax benefits do not cover other types of doubts or interests. In addition, the discount is applicable only to interest generated in the tax year 2022.

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Students must make sure to comply with all the requirements and deadlines established by the DIAN to file their income tax return and apply the corresponding discount.

Other deductibles in the income tax return

Beyond the ICETEX benefit for beneficiaries of educational credits, there are other opportunities to reduce the tax burden and obtain significant financial relief in the income tax return.

One of the aspects to consider is the interest on loans for the acquisition of housing. If a person applied for a mortgage loan or made monetary corrections on a loan, it is possible to present this information in the income tax return.

However, it is important to remember that the deductible amount cannot exceed 100 Tax Value Units (UVT) per month or 1200 UVT for the whole tax period. This deduction applies to both earned income and capital income.

Another key area to explore is health related expenses. The National Tax and Customs Directorate (DIAN) allows health expenses incurred during the tax year to be considered.

These may include medical examinations, hospitalizations and additional payments for prepaid medicine or private insurance. However, it is essential to note that these expenses must not exceed 16 UVT per month, equivalent to $580,928. It is also important to highlight that only those expenses that were paid by the Colombian taxpayer will be valid.

The deduction for maintenance of dependents is another aspect to take into account when filing the income tax return. This deduction allows adding the expenses associated with the support of different categories of dependents. This includes children under the age of 18, as well as education funding payments for children between the ages of 18 and 23.

In addition, living expenses for children over the age of 23 and spouses can also be considered, as long as they are in a condition of dependency due to physical or psychological factors.

By considering these deductions together with the ICETEX benefit, taxpayers have the opportunity to maximize their savings and reduce their tax burden significantly.

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