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Question re: Tax on Pension Refund

  • 31-01-2019 3:06pm
    #1
    baldshin
    Registered Users, Registered Users 2 Posts: 1,398 ✭✭✭


    Hi folks, I left my job in the public service last October and applied for a pension refund. The refund came through on the 3rd January this year, and on revenue online it shows the payment for 2019, and that the department I worked for created and ceased the employment on the day of payment. I've been taxed at 40% on the refund. Am I correct in saying I should have been taxed at 20% and, if so, how do I go about reclaiming the overpaid tax?

    Also, as I left with 2 and a bit months left in the year, would I likely be due a tax refund on unused credits when I submit my p21 request?


Comments

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


    baldshin wrote: »
    Hi folks, I left my job in the public service last October and applied for a pension refund. The refund came through on the 3rd January this year, and on revenue online it shows the payment for 2019, and that the department I worked for created and ceased the employment on the day of payment. I've been taxed at 40% on the refund. Am I correct in saying I should have been taxed at 20% and, if so, how do I go about reclaiming the overpaid tax?

    Also, as I left with 2 and a bit months left in the year, would I likely be due a tax refund on unused credits when I submit my p21 request?

    Are you working at the minute (or otherwise). Emergency tax has likely been applied to the payment you received


  • #3
    baldshin
    Registered Users, Registered Users 2 Posts: 1,398 ✭✭✭baldshin


    gerrybbadd wrote: »
    Are you working at the minute (or otherwise). Emergency tax has likely been applied to the payment you received

    Not at the minute, I'm starting my new job in a couple of weeks.


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