Simulate Portuguese IRS with Anexo J - Tax-Wizard

The Portuguese Tax Authority's Portal does not allow taxpayers to simulate their IRS declaration when declaring foreign income in Anexo J. This limitation makes it challenging to plan taxes and predict the amounts payable or refundable. Without a clear estimate, financial decisions can become risky.

Many taxpayers resort to manually transferring the values intended for Anexo J into the equivalent annexes for domestic income, such as Anexo G and Anexo E. By doing this, they can simulate the impact of their foreign income on their IRS declaration and then transfer the data back to Anexo J.

However, this solution is prone to errors, as it requires duplicating data entry, and it is time-consuming and inefficient.

Automating the Simulation of Anexo J in the IRS Declaration

Tax-Wizard addresses this limitation with a simple and effective approach. We created a two-step process that allows you to simulate your IRS declaration even with foreign income. This automation eliminates the need to manually transfer data between annexes.

1. Simulated IRS Declaration (Anexo J data transferred to Anexo G and Anexo E)

Data from Anexo J is temporarily transferred to equivalent annexes, allowing a complete simulation of your IRS declaration. This enables you to use the Tax Authority's Portal to estimate the taxes payable or refundable.

2. Final IRS Declaration (with Anexo J)

After completing the simulation, you can generate a final declaration directly from your Tax-Wizard dashboard. The final declaration accurately reflects the foreign income in Anexo J. This process ensures that all values remain consistent, as they are processed within the same system.

With this functionality, taxpayers can reliably simulate their IRS results and submit their data in compliance. The process is fast, efficient, and provides peace of mind.

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