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New Baby - Should I claim Wifes Tax Credits

  • 29-06-2020 9:27am
    #1
    Bawnmore
    Registered Users, Registered Users 2 Posts: 1,815 ✭✭✭


    Not sure if we should be doing anything here or just leaving as is. My wife was working up until March when she was let go due to Covid (retail). She was on Covid payment until her maternity benefit kicked in and is in receipt of that now. I continue to work, and I'm in receipt of the Covid wage subsidy through my employer. Questions is around my wifes tax credits - should I be claiming these now? Or just leave it as it was (claiming separately).


Comments

  • #2
    Bawnmore
    Registered Users, Registered Users 2 Posts: 1,815 ✭✭✭Bawnmore


    Anyone?


  • #3
    paul71
    Registered Users, Registered Users 2 Posts: 3,347 ✭✭✭paul71


    It is hard to advise if there is a benefit to moving credits without exact figures of earnings but what I will say is that Materinity benefit is taxable anyway. If there was a benefit it would be minimal and you would probably safer to leave credits as they are and review at the end of the year.

    BTW congratulations.


  • #4
    y0ssar1an22
    Registered Users, Registered Users 2 Posts: 18,060 ✭✭✭✭y0ssar1an22


    chances are your wife's tax credits will be reduced by revenue as maternity is taxable. they have started doing this.

    however i would inclined to transfer any remaining credits/cut-off to yourself for cash flow purposes.

    you may also be able to claim Home Carer Tax Credit (but not if you use the increased 20% band).

    ETA: and congratulations!


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