Overpaid 2014 PAYE ?

Eaglebridie 32

Myself & wife just got P60's for 2014. Wife who had been working 3 day week had hours cut back to 2 days resulting in a taxable income for 2014 of €9950 with a tax credit assigned to her of €2980.

Myself taxable income of €41931 tax credit of €3836.04 resulting in tax paid €4550.31. Am I reading the situation correcty that wife has approx €1000 of tax credit that can be allocated to me, which would give me a refund of €1000 or thereabouts for 2014 ?

Our flat rate cut-off is €67000 if that is relevant.

Thanks in advance, so as not to get my hopes up too much before I visit local tax office.

allthedoyles

Best thing is to apply for a balancing statement P21 for 2014 for joint assessment as a married couple .

With total income of €51881 in 2014 you have overpaid by around 800e , but first check if your wife had additional income for the 2 days she did not work each week in 2014 .

Your tax credits are 6816e for 2014 which is 216e more than standard , so check what the extra tax credits are . ( could be expenses , medical etc )

Your wifes income of 9950e is just over the threshold for claiming home-carer tax credit , ( if ye have kids ) but if ye claimed this tax credit in 2013 , it may be more beneficial to claim again in 2014 , rather than claiming the increased standard rate band for dual income couples .

Flat rate cut-off of 67000e is irrelevant as you total income does not exceed this .

With figures above - this is what you should pay in 2014 :

Gross_Pay:51881.0

USC:2254.45PRSI_(-_Health):1677.24Net_Tax_Due3803.71


You can also increase your refund by claiming other credits , like medical , doctors etc , all info at www.revenue.ie

Eaglebridie 32

Allthedoyles, no extra payments for wife, not claiming jobseekers, thank you for your comprehensive reply.