Renter's tax credit 500 euro, how much do actually get?

zdan1916

Hi,

Maybe someone can help cause couldn't full understand the break down on the revenue website of how tax credits work.

If I am PAYE worker earning 42000 a year.. and apply successfully for the 500 rent tax credit.. how much of that 500 do i get in my pocket?

Thanks a million.

Burlap_Sack

Depends how much rent you paid but more than likely you will get the full 500.

cromelex

Assuming you paid more than 2500 euro in rent, you should get 500 euro back in tax.

Giblet

If credit is applied you get 20% of it cash. The maximum credit is €2,500 for a single person applying, €5,000 for a jointly assessed couple. If you pay less that the credit in rent, the amount you have paid in rent is the maximum credit, otherwise it is capped at the values given.

So for a single person claiming €2,500 you will receive €500 per person claiming.

For a jointly assessed couple claiming €5,000, you will receive €1000.

FernandoTorres

It seems its a tax credit rather than a refund so the amount you get back depends on how much tax you paid rather than how much rent you paid? For example if you didn't work last year but still paid €12k in rent you wouldn't be entitled to anything. Correct me if I'm wrong!

dontmindme

What rent tax-credit do non-PAYE workers get?

zdan1916

https://www.boards.ie/discussion/comment/120076242#Comment_120076242

ya this is my question.. how do calculate how much you get? does 500 tax credit mean you are 500 better off or that 500 of your earnings is not taxed which could be more like 250 better off?

zdan1916

https://www.boards.ie/discussion/comment/120076293#Comment_120076293

dont know, maybe start another topic with that question 😜

squidgainz

https://www.boards.ie/discussion/2058278490/renters-tax-credit-500-euro-how-much-do-actually-get

500

FernandoTorres

As long as you paid over 500 in taxes last year then you'll get the full 500 benefit. A tax credit directly reduces the tax you pay so you get a full refund.