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P21 Balancing Statement & Med 1

  • 26-03-2016 8:26pm
    #1
    Audi Baudi
    Registered Users, Registered Users 2 Posts: 4 ✭


    Hi I completed med 1 online on Tuesday for 2012, 2013, 2014, 2015 and while I was logged in I also requested a P21 Balancing Statement. The Balancing statement came through today and said that both my husband and I overpaid by just over 100 euro, However there is no mention of the Med 1 return I submitted, only on the overleaf sheet of the P21 'panel 4' and it shows the amount I should receive for Health Expenses but doesn't any where else ....does this mean I won't get med 1 expenses as an additional refund to P21 balancing Statement refund??


Comments

  • #2
    gerrybbadd
    Registered Users, Registered Users 2 Posts: 10,301 ✭✭✭✭gerrybbadd


    Audi Baudi wrote: »
    Hi I completed med 1 online on Tuesday for 2012, 2013, 2014, 2015 and while I was logged in I also requested a P21 Balancing Statement. The Balancing statement came through today and said that both my husband and I overpaid by just over 100 euro, However there is no mention of the Med 1 return I submitted, only on the overleaf sheet of the P21 'panel 4' and it shows the amount I should receive for Health Expenses but doesn't any where else ....does this mean I won't get med 1 expenses as an additional refund to P21 balancing Statement refund??

    If the health expenses relief has been granted, it will appear in panel 4. It should be 20% of the amount of the claim.

    Note, it is a tax relief, not a grant that you are automatically entitled to.

    So for example, if the P21 Balancing statement shows that you have underpaid tax by say €80, and your health expenses RELIEF amounts to 100, then the €80 you have underpaid by is deducted, and you are refunded the difference of €20.

    Check your balancing statement again, on page 1, where it shows the tax due and compare this to the total tax actually paid.


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