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Form 11 Help - DIRT and Pension Contributions

  • 18-01-2021 7:58pm
    #1
    [Deleted User]
    Posts: 0 ✭


    I am filling out my form 11 at the moment and have two issues

    1. Under Irish Other Income it asks for "Gross Deposit Interest received on which DIRT was deducted".

    I received interest from my KBC current account. If I put the amount of interest there, before DIRT was deducted on the calculate page I have to pay 4% PRSI on this interest. Is that correct?


    2. I have a pension through work. I pay 10% of my salary into it monthly and employer matches. However, when I fill this into the Form 11 I get charged income tax on the employer contributions - that cannot be correct?


Comments

  • #2
    Will Yam
    Registered Users, Registered Users 2 Posts: 671 ✭✭✭Will Yam


    user302243 wrote: »
    I am filling out my form 11 at the moment and have two issues

    1. Under Irish Other Income it asks for "Gross Deposit Interest received on which DIRT was deducted".

    I received interest from my KBC current account. If I put the amount of interest there, before DIRT was deducted on the calculate page I have to pay 4% PRSI on this interest. Is that correct?


    2. I have a pension through work. I pay 10% of my salary into it monthly and employer matches. However, when I fill this into the Form 11 I get charged income tax on the employer contributions - that cannot be correct?

    In relation to the interest you enter the gross amount received. You will then be taxed at 33% on the gross. So say the interest (gross) is €1,000, you enter €1,000 on the form.

    You will then be taxed €330 on this. At the end of the calculation you will be credited with €330 for dirt paid, leaving you in a net zero sum position for tax.

    You will be charged 4% prsi on the €1,000 and usc at your marginal rate.


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