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Form 11 - 'calculation of maximum pension relief available'

  • 09-09-2024 8:34pm
    #1
    Window1
    Registered Users, Registered Users 2 Posts: 77 ✭✭


    Trying to navigate this section of Form 11 - read all the help notes and watched the Revenue video! This is the bit that really confuses me when you click on the 'Help Section'…

    "Example: If you are paying into a pension at the rate of 8% and your employer operated the Net Pay arrangement, it will be taxed on the amount net of this pension. If the taxed pay is 50,000, this must be regrossed to take account of the 8% pension contribution. This is done using the formula, (Pay/ (100 - rate of pension contribution.)) x 100, i.e. (50,000 / (100 – 8)) x100 = 54,348."

    Is it not just that you get your last payslip of the year, and add your gross pay and BIK for the 'Gross employment income' cell then the amount of employee pension contributions made in that year for the 'Less pension contributions' cell - I can't see where you need to use the formula in the Example above or am I missing something? Just and ordinary PAYE employee but with rental income just over €5000 so need to fill in this dreaded Form 11! Thanks,



Comments

  • #2
    Window1
    Registered Users, Registered Users 2 Posts: 77 ✭✭Window1


    Anyone willing to answer please?



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