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Joint Assessment Options

  • 29-05-2014 9:38pm
    #1
    carnagesri
    Registered Users, Registered Users 2 Posts: 76 ✭✭


    My income is €46k gross and my wifes income is €20k gross.What would be the most beneficial allocation of tax credits for us?I am current filling out the form that comes with IT2 which is a guide to tax for married couples.


Comments

  • #2
    carnagesri
    Registered Users, Registered Users 2 Posts: 76 ✭✭carnagesri


    Any advice from anyone?


  • #3
    barneystinson
    Registered Users, Registered Users 2 Posts: 4,685 ✭✭✭barneystinson


    carnagesri wrote: »
    Any advice from anyone?

    It doesn't really matter what ye do with the tax credits, might be simplest to each keep your own 1/2.

    What will make a difference is the allocation of the standard rate cut off point between you.

    You each have 32,800 (which means this is how much you can earn before hitting the 41% rate of tax). Under joint assessment up to 9k of this can be moved between spouses, so you should take the max 9k, meaning you only pay the 41% rate on earnings above 41,800 and she pays it on earnings above 23,800 (which she won't reach).


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