PRSI

Stracashel

Im recently newly registered self employed so know I have to pay class S stamp but . When I submit my tax form at the end of the year and pay the PRSI , how many stamps is that for ? I know I need to have 520 stamps by the time I’m pensionable age to qualify for contributory pension and I know I need to pay 4% of the gross income or €500 whichever is the minimum on my tax form but how many stamps will my PRSI buy a year is it 52 ????

Stratvs

It's DEASP not Revenue that the information on this can be found. Revenue only collect the money.

https://www.citizensinformation.ie/en/social_welfare/irish_social_welfare_system/social_insurance_prsi/class_S_prsi.html

From the link above :-

Note that you pay Class S contributions in an annual payment for your full tax year. There is no mechanism for awarding credits for a full year or part of a year.[unquote]

So when you file your return you get 52 contributions or 'stamps' for each tax year.

I commenced part-way through a tax year but was awarded 52 Class S for the entire year.

Calahonda52

you can check the current state of your green shields on mygov.ie

Stratvs

Calahonda52 wrote: »

you can check the current state of your green shields on mygov.ie

I might have a few books left from the 80s. Was saving up for a cassette player when they went bust. Any takers

Dodge

Stracashel wrote: »

Im recently newly registered self employed so know I have to pay class S stamp but . When I submit my tax form at the end of the year and pay the PRSI , how many stamps is that for ? I know I need to have 520 stamps by the time I’m pensionable age to qualify for contributory pension and I know I need to pay 4% of the gross income or €500 whichever is the minimum on my tax form but how many stamps will my PRSI buy a year is it 52 ????

Just to note that 520 is the current requirement for any contributory pension. It likely won't get you the maximum. Currently there's various other factors at play (time between first stamp and pension age being a big one)

Under the current total cons approach, 10 years would get you a 25% pension (about €62 a week)

mickdw

52 stamps for the full tax year.