[Tax declaration vested RSU's - Ireland - Cork] - necessary to fill out ?

lchulo

Hi folks,

I recently decided to start investing in an ETF (through IBRK just for information);

and I got more knowledgeable about taxation on stocks and ETF's.

I've had had an eTrade account since 2015 which holds vested RSU's (from Apple just for information).

I checked the annual report from eTrade of each year and it looks like I was taxed at the correct (infamous) rate

for both Capital Gain and dividends.

My question is: should I report these gains (vested RSU + dividends) to revenue ?

or it does not really matter because it was taxed already (they definitely took their cut).

Actually, I could have definitely use the CGT exemption of 1270€.

If so, would you know of a decent finance accountant in Cork who would not rip me off?

I'd welcome any recommendations.

Best Regards.

relax carry on

https://www.boards.ie/discussion/2058221638/tax-declaration-vested-rsus-ireland-cork-necessary-to-fill-out

You should check with your employer first of all to ensure your income tax element has been covered through your payroll on the acquisition of the shares and ensure they are all RSUs. You should have some documentation from your employer you can check on your tax responsibilities. You should also check if the full tax due on the dividends received, were taxed through payroll. If the full tax due wasn't covered then you may have an issue. Your employer wouldn't be dealing with any CGT due on the subsequent disposal of the shares. You'll need to calculate your gains for CGT purposes and file CG1 returns for the relevant tax years.

lchulo

I see your point. I should have mentioned that my eTrade RSA stock plan has got this taxation method: Tax Payment Method Sell-to-cover

So, the tax was taken out on the fly.

I should probably have filled out a tax exemption on 1270€ each year but I won't be able to recover the exemption I could have got.

relax carry on

https://www.boards.ie/discussion/comment/118289630#Comment_118289630

I assume that when you sell to cover the Income tax due (52%) on the acquisition of the shares, you have kept the remaining shares? If you did and you later disposed of them you may have CGT to pay. Even if no CGT is due because of the annual exemption on the gain or you'd losses, you'd still need to file CG1s for each relevant year. You'd need to work out you gains for CGT purposes on the remaining shares held and later disposed of. This needs to be done on an annual basis. If those shares generated dividends not taxed through payroll even if they show tax deducted on them, you need to declare them in your annual tax return. Assuming they are US dividends, you declare them gross and the system give you credit for the 15% tax withheld. They will be taxed at your marginal rate.

lchulo

You are spot on:

2015 RSU's vested in 2016 

Sell to cover:

Market Value $823.41

Dividend Equivalents $15.26

Total Gain $838.67

>>> then taxed @ 31% on that total above.

2016 RSU's vested in 2017 

Sell to cover:

Market Value $941.94

Dividend Equivalents $27.48

Total Gain $969.42

>>> then taxed @ 52% on that total above.

Same for the following RSU's

2017 RSU's vested in 2018 >>> 52%

2018 RSU's vested in 2019 >>> 52%

I've kept all these stocks.

I'm not planning to sell these stocks while being in Ireland. So I won't be using the exemption.

These stocks generated dividends that were taxed:

>>> NON-RES TAX WITHHELD @ .15000

Do you mean these are taxed at 15% once,

Then, since my gross salary was > 32 800€, after filing tax return, it would have been taxed an added 37% (52% - 15%) ?

relax carry on

The dividends have 15% witholding tax deducted in the country of issue (the US I'm assuming). Your dividends are considered income and should be declared in your annual tax return in Ireland in the appropriate dividend field. You'll pay tax on them are your marginal rate and a credit will be given for the 15% witheld. From what you've posted, we aren't dealing with huge sums here so you could correct easily enough.

lchulo

I probably got 20€ dividends each year from 2016, for 5 years.

That's like I owe 8€ for each year.

I just want to do my due diligence and report these dividends.

Do you know by chance what form can I fill up to report past dividends? And are they gonna charge me a penalty ?

Thanks for your input

relax carry on

https://www.boards.ie/discussion/comment/118318845#Comment_118318845

At that level no issue with surcharges, interest or penalties. If you are just a standard PAYE employee and aren't registered for self assessment by filling a form 11 annually, just login to your Revenue MyAccount and declare the dividends grows in the appropriate field for the appropriate tax year. You'll only be able to do 2017 onwards as 2016 is closed to you.

lchulo

Thanks for your input !