Maximum contributions with non-PAYE income

S

Steiny

Registered User
Messages
39
I am PAYE worker with work PRSA getting relief at 40% on contributions. I have some non PAYE income but below the 5k a year. Is this income included in the amount for maximum contribution which can be made based on my age that qualifies for relief? Sorry if basic question but I haven't seen the answer anywhere.
 
Yes, so long as the income is “earned income” ie Schedule D Case 1 or Case 2 income.
 
If your total annual income (PAYE and non-PAYE) does not exceed €115,000, then you can claim tax relief on PRSA contributions up to your age-related limit based on the total amount, subject to Conan's proviso above re type of non-PAYE income.

If your employer is contributing to your PRSA, then the employer contributions must also be included in your overall limit.

Regards,

Liam
www.ferga.com
 
Thanks for your replies. it’s rental income but not paying tax on it (land lease). I gather the schedule D income is income from profession or trade.
 
Rental income is classed as “unearned income” so not eligible for pension contributions.
 
A slightly unrelated question— I read in Irish life’s instruction for paying an AVC for 2019 that the relief must be claimed before Oct 31 2020. Can it not be done at any stage in next 4 years? Also, can I do this on Ros online and submit other expenses and income etc at a later date? Thanks and Apologies for veering off topic
 
Steiny said:
A slightly unrelated question— I read in Irish life’s instruction for paying an AVC for 2019 that the relief must be claimed before Oct 31 2020. Can it not be done at any stage in next 4 years?
Click to expand...

No. Tax relief for pension contributions for 2019 tax year must be claimed by 31/10/2020 or by 10/12/2020 if you pay and file online before this date.
 
LDFerguson said:
No. Tax relief for pension contributions for 2019 tax year must be claimed by 31/10/2020 or by 10/12/2020 if you pay and file online before this date.
Click to expand...
Understood. If I do this, assume I can do the other expenses/income at a later date.
 
You must log in or register to reply here.
Menu
Log in
Register