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Pensioners - Wrong information from Revenue Commissioners .

  • 06-01-2012 11:22pm
    #1
    allthedoyles
    Registered Users, Registered Users 2 Posts: 6,892 ✭✭✭


    Declan Rigney from the Revenue Commissioners said individuals aged over 65 earning more than €18,000 a year - or a couple in receipt of over €36,000 - were liable.
    source - RTE : http://www.rte.ie/news/2012/0106/tax.html

    This statement is not necessarily true .

    The RC are suggesting that it is more beneficial for individuals over 65 to opt for ' tax exemption ' and pay tax at the marginal rate of 40%. ( as above )

    However , an individual over 65 with private pension normally pays tax under paye and therefore should qualify for :
    1. Personal tax credit 1650.00
    2. PAYE tax credit 1650.00
    3. Aged tax credit 490.00
    This will give the individual a tax credit of 18950.00 plus tax rate of 20%


Comments

  • #2
    gerrybbadd
    Registered Users, Registered Users 2 Posts: 10,301 ✭✭✭✭gerrybbadd


    allthedoyles wrote: »
    source - RTE : http://www.rte.ie/news/2012/0106/tax.html

    This statement is not necessarily true .

    The RC are suggesting that it is more beneficial for individuals over 65 to opt for ' tax exemption ' and pay tax at the marginal rate of 40%. ( as above )

    However , an individual over 65 with private pension normally pays tax under paye and therefore should qualify for :
    1. Personal tax credit 1650.00
    2. PAYE tax credit 1650.00
    3. Aged tax credit 490.00
    This will give the individual a tax credit of 18950.00 plus tax rate of 20%

    The age credit isn't that much for a single person. It's 245. 490 applies of married, and one spouse is claiming both credits


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