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Tax Refund on Masters

  • 23-03-2012 7:16pm
    #1
    Pandoras Twist
    Registered Users, Registered Users 2 Posts: 1,375 ✭✭✭


    Hi All,

    Didn't want to hijack the other thread. I have gotten a loan from my parents to pay part of my masters fees this year.I started the course in September, but paid the fees in instalments. I will be getting a bank loan for another 800 that's due in april.

    I currently don't pay tax because my income from my part-time job is too low but I will be earning a salary starting in September.

    Can I claim any portion of the fees back from the tax I will pay from Sept-Dec?


Comments

  • #2
    MBateson
    Registered Users, Registered Users 2 Posts: 169 ✭✭MBateson


    Yes, they look at the tax year as a whole


  • #3
    relax carry on
    Registered Users, Registered Users 2 Posts: 4,113 ✭✭✭relax carry on


    Pandoras Twist wrote: »
    Hi All,

    Didn't want to hijack the other thread. I have gotten a loan from my parents to pay part of my masters fees this year.I started the course in September, but paid the fees in instalments. I will be getting a bank loan for another 800 that's due in april.

    I currently don't pay tax because my income from my part-time job is too low but I will be earning a salary starting in September.

    Can I claim any portion of the fees back from the tax I will pay from Sept-Dec?

    You can claim the whole lot for this year as tuition fees are allowable over an academic year which in this case is 2011/2012. You will have to wait until the end of 2012 to claim. You need to specify that you wish the relief to be granted totally in 2012. Also unless you will earn over 16500 for the year you will not actually get any benefit from claiming as you won't have paid any tax. (assuming single with standard credits)

    http://www.revenue.ie/en/tax/it/leaflets/it31.html


  • #4
    Pandoras Twist
    Registered Users, Registered Users 2 Posts: 1,375 ✭✭✭Pandoras Twist


    I think I'll be under that limit come to think of it. Thanks for your help.


  • #5
    lavine7
    Registered Users, Registered Users 2 Posts: 212 ✭✭lavine7


    Perhaps your parents could qualify for the relief as in effect they paid for the fees.
    However, I'm assuming your employer financed most of the fees seeing as you're starting in September (milkround?) and given that the first €2,000 of qualifying fees (the fees over and above what your employer contributed as this contribution does not qualify for relief) do not qualify for relief, I'd say that there won't even be a significant amount of the total fees that actually qualify for the relief.
    In effect, if the fees were €10,000 and employer paid €7,500, fees that initially qualify are €2,500. However, take away the first €2,000 which does not qualify and relief is only available on the remaining €500.
    The link above has all the info you need but it could be worth looking into having your parents claim the relief on qualifying fees paid by them and getting the benefit through them, perhaps by reducing the amount you need to repay them as they will have been repaid to some degree by the tax credit for fees paid.


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