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Tax implications on small investment income when out of work

  • 18-11-2019 8:06am
    #1
    Blueshoe
    Banned (with Prison Access) Posts: 3,964 ✭✭✭


    I can't seem to find the answer. I'm due to have a back surgery and will be out of work for 3 months. I recently bought a small investment property and am wondering if my tax rate will change as I won't be paid by work while I'm out.


Comments

  • #2
    splinter65
    Registered Users, Registered Users 2 Posts: 9,420 ✭✭✭splinter65


    Blueshoe wrote: »
    I can't seem to find the answer. I'm due to have a back surgery and will be out of work for 3 months. I recently bought a small investment property and am wondering if my tax rate will change as I won't be paid by work while I'm out.

    You should ask a mod to move this to the taxation forum for you.


  • #3
    171170
    Closed Accounts Posts: 321 ✭✭171170


    Blueshoe wrote: »
    I can't seem to find the answer. I'm due to have a back surgery and will be out of work for 3 months. I recently bought a small investment property and am wondering if my tax rate will change as I won't be paid by work while I'm out.

    It looks as though your absence from work will span two tax years.

    It's probably too late to have your tax rate changed for 2019, but you probably won't have availed of all of your tax credits so you should look for a tax refund early next year.

    You'll be out of work for up to 2 months next year, so you should calculate your estimated salary and other income for the 10 or so months and, if it is below the threshold for 40% tax, you could contact Revenue and ask them to adjust your tax band for 2020.

    If you'll be claiming illness benefit, don't forget that it's taxable income so be sure to include it in your calculations.


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