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Joint Assessment - how will maternity effect?

  • 25-02-2020 9:53pm
    #1
    Cavan_King
    Registered Users, Registered Users 2 Posts: 2,202 ✭✭✭


    I am on 90k and my wife is on 50k. She is taking a year out for maternity so will get €245 a week for 6 months and then have 6 months with no earnings. Her employer does not provide any additional maternity benefit.

    We are jointly assessed so do I need to move her tax credits over to myself or will it happen anyway?

    Is there any calculator online could let me work out how having her credits will affect my take home pay? I was hoping I’d have a bit more in my pocket each month with her not working.


Comments

  • #2
    mystic86
    Registered Users, Registered Users 2 Posts: 2,983 ✭✭✭mystic86


    Cavan_King wrote: »
    I am on 90k and my wife is on 50k. She is taking a year out for maternity so will get €245 a week for 6 months and then have 6 months with no earnings. Her employer does not provide any additional maternity benefit.

    We are jointly assessed so do I need to move her tax credits over to myself or will it happen anyway?

    Is there any calculator online could let me work out how having her credits will affect my take home pay? I was hoping I’d have a bit more in my pocket each month with her not working.

    9,000 increase in your SRCO, 150 a month increase in net pay. Plus any credits she may have that are unused (as long as they are transferrable credits).


  • #3
    [Deleted User]
    Posts: 24,714 ✭✭✭✭ [Deleted User]


    Cavan_King wrote: »
    I am on 90k and my wife is on 50k. She is taking a year out for maternity so will get €245 a week for 6 months and then have 6 months with no earnings. Her employer does not provide any additional maternity benefit.

    We are jointly assessed so do I need to move her tax credits over to myself or will it happen anyway?

    Is there any calculator online could let me work out how having her credits will affect my take home pay? I was hoping I’d have a bit more in my pocket each month with her not working.

    Maternity benefit is taxable so she will need some of her credits herself. You can take the max amount of her transferable rate band however.

    Easiest option is probably to transfer the rate band when she goes on leave not just leave her credits as they are and at the end of the year get a refund on any overpayment of tax, otherwise you need to calculate how much of her tax credits she needs and leave her that many.


  • #4
    Cavan_King
    Registered Users, Registered Users 2 Posts: 2,202 ✭✭✭Cavan_King


    Joanna Wonderful Garage wrote: »
    Maternity benefit is taxable so she will need some of her credits herself. You can take the max amount of her transferable rate band however.

    Easiest option is probably to transfer the rate band when she goes on leave not just leave her credits as they are and at the end of the year get a refund on any overpayment of tax, otherwise you need to calculate how much of her tax credits she needs and leave her that many.

    So should I contact the tax office about this or will it be done naturally?


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