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Joint Assessment?

  • 30-05-2019 12:05pm
    #1
    PCros
    Registered Users, Registered Users 2 Posts: 2,079 ✭✭✭


    We got married 5 years ago but still have not looked into this.:(

    My wife is on €33k and I am on €38k - is joint assessment the best option for us?

    Also I have a tax-saver via work for Dublin Rail @ €1450.00 so not sure if that affects anything.

    Thanks in advance.


Comments

  • #2
    relax carry on
    Registered Users, Registered Users 2 Posts: 4,113 ✭✭✭relax carry on


    PCros wrote: »
    We got married 5 years ago but still have not looked into this.:(

    My wife is on €33k and I am on €38k - is joint assessment the best option for us?

    Also I have a tax-saver via work for Dublin Rail @ €1450.00 so not sure if that affects anything.

    Thanks in advance.

    Joint assessment would be fine. There should be some small refunds due to you based on a small portion of your spouse's unused rate band each year. Tax saver ticket has no impact.


  • #3
    PCros
    Registered Users, Registered Users 2 Posts: 2,079 ✭✭✭PCros


    Which would be the best option...

    A) If you are already being taxed as a married couple and wish to have your tax credits and standard rate band allocated as at present, please tick this box

    B) If you wish to have your tax credits and standard rate band divided equally between you, please tick this box

    C) If you wish to have transferable tax credits and standard rate band allocated to the assessable spouse, please tick this box;


  • #4
    Bobby1984
    Registered Users, Registered Users 2 Posts: 269 ✭✭Bobby1984


    PCros wrote: »
    Which would be the best option...

    A) If you are already being taxed as a married couple and wish to have your tax credits and standard rate band allocated as at present, please tick this box

    B) If you wish to have your tax credits and standard rate band divided equally between you, please tick this box

    C) If you wish to have transferable tax credits and standard rate band allocated to the assessable spouse, please tick this box;




    I presume that you are not already taxed as a married couple so A doesn't apply.

    If you take the full rate band (option C), she will get crucified with tax during the year.

    For 2019, tick B to have them split 50 / 50 and then in 2020 get a P21 balancing statement. You will get a small refund based on the fact that your wife will not use the full €35K rate band.

    Either way at the end of the year, it will all balance itself our.

    For next year, you could contact Revenue and tell them to allocate some of the rate band to your wife (an amount equal to her gross salary) and give the remainder to you. Leave tax credits split 50 / 50. This will mean there is no tax refund at the end of the year as ye have received it via a slightly higher net salary each week/month during the year.

    PS: get the last 4 years reassessed before 31/12/19 in order to ensure that you receive any refunds payable. I presume your taxes were calculated correctly on your salary over the past 4 years. Errors can happen and if you look for a reassessment, it is possible that due to an error in payroll processing, you underpaid your taxes and you might end up owing Revenue money!


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