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Earned Income Tax Credit

sboyle01 · 2017-10-09 18:11:22

Is the earned income tax credit given after capital allowances and losses b/f or before? I assumed it would be after but the ROS offline Form 11 gives it before. For example if one spouse is working full time and paying the correct tax and the other spouse is a farmer earning €1000 profit a year with €1000 capital…

09-10-2017 06:11PM

#1

sboyle01

Registered Users, Registered Users 2 Posts: 243 ✭✭

Join Date: March 2011

Posts: 190

Is the earned income tax credit given after capital allowances and losses b/f or before? I assumed it would be after but the ROS offline Form 11 gives it before. For example if one spouse is working full time and paying the correct tax and the other spouse is a farmer earning €1000 profit a year with €1000 capital allowances. The Form 11 is giving a credit of 200 for the earned income tax credit (€1000 x 20%) which in turn is giving the couple a refund of €200.

This seems strange as the spouse with the earned income has no tax liability but still gets the credit. I would have assumed all errors on the Form 11's would be amended this late in the year.

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