Marriage tax credit question

suave.4u

Hi Lads,

Quick question.
My wife is a part time employed. I make around 72K a year and she should not cross 10 K.
What would the best tax arrangement be for us, or what options are available that I can fill in the assessable spouse election form..

I would suppose mine EUR 55600 taxed at 20% and her 10,000 at 20%..I am not sure though.

Thanks! You guys are always great help!!!

angeldelight

You can become the assessable spouse - 41800 of your income will be taxed at 20% (this is the maximum that can be transferred) and all of her income will be taxed at 20%. Just download the form from Revenue website and send it in. I think it might have to be done before 1st April for that year so it may be 2015 before it will kick in

suave.4u

angeldelight wrote: »

You can become the assessable spouse - 41800 of your income will be taxed at 20% (this is the maximum that can be transferred) and all of her income will be taxed at 20%. Just download the form from Revenue website and send it in. I think it might have to be done before 1st April for that year so it may be 2015 before it will kick in

Thank you angeldelight.
This is the present status in the tax credit certificate, so I do not suppose there is any room for improvement .

We have been renting since 2010. Can the spouse too claim rent allowance? As of now only I am getting this tax credit.

angeldelight

suave.4u wrote: »

Thank you angeldelight.
This is the present status in the tax credit certificate, so I do not suppose there is any room for improvement .

We have been renting since 2010. Can the spouse too claim rent allowance? As of now only I am getting this tax credit.

How much of a credit are you getting? its possible you're getting double the credit instead of you both getting it seperately eg for 2014 if your rent credit is 400 that's 2 x 200 single credit so your wife wouldn't be entitled to it as well

suave.4u

angeldelight wrote: »

How much of a credit are you getting? its possible you're getting double the credit instead of you both getting it seperately eg for 2014 if your rent credit is 400 that's 2 x 200 single credit so your wife wouldn't be entitled to it as well

I am getting 320 euros for the last couple of years.

angeldelight

suave.4u wrote: »

I am getting 320 euros for the last couple of years.

Yeah sorry I forgot it was decreasing - you're getting double the single persons credit ie 2 x 160 so your wife wouldn't also be entitled to claim it

suave.4u

angeldelight wrote: »

Yeah sorry I forgot it was decreasing - you're getting double the single persons credit ie 2 x 160 so your wife wouldn't also be entitled to claim it

Thanks Angeldelight...there goes all my hope to save some dime :o.

"I would suppose mine EUR 55600 taxed at 20% and her 10,000 at 20%..I am not sure though."
--At hindsight, what a nice joke

allthedoyles

If you have school-going kids , and your wifes income is less than 10k , you need to ask the tax office to re-examine your balancing statement to include home-carer tax credit , if its more beneficial than normal assessment .

mozattack

allthedoyles wrote: »

If you have school-going kids , and your wifes income is less than 10k , you need to ask the tax office to re-examine your balancing statement to include home-carer tax credit , if its more beneficial than normal assessment .

Home carers credit with income over 6kish? News to me and even if it could be claimed the loss of the increased SRCOP is of more value