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

zdan1916 · 06-01-2023 05:19PM #1

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 · 06-01-2023 05:23PM

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

cromelex · 06-01-2023 05:27PM

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

Giblet · 06-01-2023 07:10PM

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 · 06-01-2023 10:13PM

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 · 06-01-2023 10:22PM

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

zdan1916 · 07-01-2023 02:33AM

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 · 07-01-2023 02:34AM

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

dont know, maybe start another topic with that question 😜

squidgainz · 07-01-2023 02:35AM

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

500

FernandoTorres · 07-01-2023 01:36PM

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.

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

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