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Joint Assessment for Dummies?

  • 27-12-2013 11:09pm
    #1
    Zamboni
    Registered Users, Registered Users 2 Posts: 4,306 ✭✭✭


    Please help :o


Comments

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


    Zamboni wrote: »
    Please help :o

    Only available to married or civil partners.

    One spouse chosen to be the assessable spouse (usually the higher earner)

    Means that up to €9000 of one spouse's rate band can be transferred to the other during an active tax year. Also one spouse's personal tax credit of €1650 can be transferred to the other.

    Same result can be obtained by leaving credits and rate bands as they are (50/50 split) and carrying out a review at the end of every tax year (request a P21 balancing statement)

    Usually beneficial where one spouse has no taxable income or is earning too little to utilise their full rate band and credits.

    Must be applied for in writing using form IT2 and will not apply in year of marriage. However year of marriage review can be requested which may result in some benefit to either spouse.


  • #3
    keano_afc
    Registered Users, Registered Users 2 Posts: 8,711 ✭✭✭keano_afc


    My wife left her job in September, and we were being taxed individually. I've rang the tax office and they said I will automatically get her credits in January. Is this right? I had her credits before she started woking a year and a half ago but I had filled out the form to get them. Do I not have to do that again?

    Also, I take it I can claim her unused credits from September until the end of the calendar year?


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


    keano_afc wrote: »
    My wife left her job in September, and we were being taxed individually. I've rang the tax office and they said I will automatically get her credits in January. Is this right? I had her credits before she started woking a year and a half ago but I had filled out the form to get them. Do I not have to do that again?

    Also, I take it I can claim her unused credits from September until the end of the calendar year?

    It sounds like you opted to be jointly assessed when you filled out the form but opted to leave your credits and rate bands at a 50/50 split while she was working.

    This is pretty much the same as being taxed as single people but you have option to transfer rate band and credits where single people don't and you can request an end of year review which will show if one spouse had unused rate band and credits which can be transferred to the other spouse which might result in a tax refund.

    If you are still joint assessed for tax purposes and yours is the only employment on file at the start of 2014 then the transferable rate band and credits should pass to you automatically.


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