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Unemployed tax return

  • 19-03-2019 10:03am
    #1
    Registered Users, Registered Users 2 Posts: 3,515 ✭✭✭


    How does that work?

    Let's assume I lose my job in May and am unemployed.
    Can I return all tax paid so far in 2019? or is there specific portion or way to calculate what can be returned?


Comments

  • Registered Users, Registered Users 2 Posts: 4,549 ✭✭✭FishOnABike


    I would think you would need to wait until the end of the tax year and request a P21 balancing statement from revenue. Any overpaid tax would then be automatically refunded.


  • Registered Users, Registered Users 2 Posts: 13,740 ✭✭✭✭Geuze


    arleitiss wrote: »
    How does that work?

    Let's assume I lose my job in May and am unemployed.
    Can I return all tax paid so far in 2019? or is there specific portion or way to calculate what can be returned?

    You apply using Form P50.


    https://www.revenue.ie/en/jobs-and-pensions/periods-of-unemployment/how-to-claim-a-tax-and-usc-refund-if-you-are-unemployed.aspx


    Otherwise, wait until end of year and use Form 12, leading to P21.


  • Registered Users, Registered Users 2 Posts: 162 ✭✭Daxve


    https://www.revenue.ie/en/jobs-and-pensions/periods-of-unemployment/how-to-claim-a-tax-and-usc-refund-if-you-are-unemployed.aspx

    You need to complete a Form P50 after you become unemployed.

    You can submit it 4 weeks after if not in receipt of Job seekers benefit or 8 weeks if you are.

    You will get a partial refund - you basically get the benefit of any credits and cut of point that accrued in the 4 to 8 weeks. Revenue recalculate the tax due on a cumulative basis taking into account the extra credits and cut off point.

    You can apply every 4 weeks if you’re still unemployed until all your tax for the year is refunded due to sufficient credits and cut off point having built up or you return to work.

    Job seekers benefit is taxable and will be taken into account in working out any refund due.


  • Registered Users, Registered Users 2 Posts: 5,245 ✭✭✭myshirt


    Or or or.... get it refunded when you are in the next job.

    All depends on your circumstances. If you will be unemployed for some time then go the P50 route as a poster kindly highlighted.


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