Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi all,
Vanilla are planning an update to the site on April 24th (next Wednesday). It is a major PHP8 update which is expected to boost performance across the site. The site will be down from 7pm and it is expected to take about an hour to complete. We appreciate your patience during the update.
Thanks all.

Form 11 Help - DIRT and Pension Contributions

Options
  • 18-01-2021 7:58pm
    #1
    user302243
    Registered Users Posts: 245 ✭✭


    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

  • Options
    #2
    Will Yam
    Registered Users 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.


Advertisement