That's always been the case and will continue to be the case until/unless the rules are changed. But it becomes moot if one maximises contributions up to the relevant age related tax relief level for each year.I did not know I could use that payment in 2022 towards 2021! Is this always the case going forward?
Hi,Last year I opened a PRSA and made a 10,000 euro lump sump deposit on the 01/10/2022. I then wanted to start monthly payments but Zurich said I couldn't as I was paid up until the 01/10/2023.
The 2021 tax return could be ammended on the basis of correcting an error ?The initial 10k can’t now be elected as a 2021 contribution. It must be done before filing the 2021 tax return.
You only need to send the PRSA cert to revenue if they request it. Keep all the certs in case revenue makes a future request.Do I need to send a PRSA certificate to Revenue so they know what my contributions are or do they have all this information already.
Afraid not. Tax rules are very clear on this.The 2021 tax return could be ammended on the basis of correcting an error ?
Hi RedOnion, No it is one that I set up myself.Hi,
I think from your posting history you changed jobs in 2022? Is that part of the problem, was the PRSA set up for your new job?
Thank Oisin19. So would it be best to list the contribution in the 2022 Tax return? I presume the tax credits are then applied over the course of the following year? So if it is included in the 2022 Tax Return by the 31st of October 2023, they will apply for the 2024 tax year right? The source of earnings can be linked to PAYE employment.Contributions are claimed in the year they are paid. In certain cases you can elect to backdate to prior year.
The initial 10k can’t now be elected as a 2021 contribution. It must be done before filing the 2021 tax return.
The source of earnings must also be considered
This doesn't make sense to me. Why would the stop you contributing? Even if you contribute more than your age related tax relief limit? (I'm not suggesting that you should do this, by the way). It's no skin off their nose.Hi all,
Last year I opened a PRSA and made a 10,000 euro lump sump deposit on the 01/10/2022. I then wanted to start monthly payments but Zurich said I couldn't as I was paid up until the 01/10/2023.
Yes, but that doesn't mean you can do what you like.Hi RedOnion, No it is one that I set up myself.
Not sure ClubMan. Definitey was told I had to wait until now to change my contribution frequency anway.This doesn't make sense to me. Why would the stop you contributing? Even if you contribute more than your age related tax relief limit? (I'm not suggesting that you should do this, by the way). It's no skin off their nose.
This was my first time every contributing to any sort of pension. Could that 10,000 euro contributed on the 01/10/22 be used towards my 2022 tax return? ThanksYes, but that doesn't mean you can do what you like.
If for example you changed jobs mid year, and your previous employment had an occupational pension, you can't just lump money into a stand alone PRSA after you've left and get tax relief on it.
If Zurich said you'd paid up for the year, they must have had some basis for calculating that.
My Account on Revenue has changed this year. For PAYE My Account customers uploading of the cert on claiming the relief is currently mandatory. I tried it only last week and it won’t let me through without a cert. Seemingly its a change that even some sections of Revenue were not aware of.You only need to send the PRSA cert to revenue if they request it. Keep all the certs in case revenue makes a future request.
My Account on Revenue has changed this year. For PAYE My Account customers uploading of the cert on claiming the relief is currently mandatory. I tried it only last week and it won’t let me through without a cert. Seemingly its a change that even some sections of Revenue were not aware of.
Fingers crossed it’s reversed in time for the pay and file deadlines.
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