DIRT - Form 12 & P21

JimmyCorkhill

Hi Folks

I received a request from the revenue to file a Form 12 for 2018.

I am a PAYE worker. Apart from my salary the only other income I received was some deposit interest on a couple of accounts.

So I added the income from the deposit interest to the Form 12.

The total interest income was €309 but I only received around €194 or so of this into my bank account from the bank, as they deducted 37% or so.

In the Form 12 under Non-Paye Income under Deposit Interest Received it asks "Gross Interest received on which DIRT was deducted @37%", for this I inputted the €309 amount, even though I didn't receive this amount.

Then in the subsequent P21 I received under the heading Taxable Income it has Charges as Follows and has amounts at 20% & 40% tax and then the €309 at 37%, this all adds up to a tax due amount.

However I am not sure why it is saying I owe 37% on the €309, when I never received €309 in the first place as 37% was already deducted by the bank?

Further down in Panel 1 it has my income and says DIRT = €309 and in Panel 2 it has tax deducted and says nothing against DIRT, even though tax has been deducted by the bank.

In Panel 4 it has tax credits and has €114.33 for DIRT which is basically the 37% of the €309.

Does this all sound correct or did I enter something wrong? Or does it in effect offset with the tax credit?

Thanks

Calahonda52

The F12 math gives you credit for the Dirt deducted by the bank on your behalf.