Tax on Pensions Plus Earnings

R

roker

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I retired this year in August and have a P45 stating tax paid etc from earnings.
I have three pensions that I am now receiving.
Will they be added to my earnings for the years for tax purposes? or will the pensions be tax free? in which case I will be due a refund on tax paid up to August.
 
While you were contributing to your pension fund , you did not oay tax on these contributions .

However , while you now want to draw your pension as you are retired ,these earnings will be seen as taxable income .

You need to ensure you claim ALL allowances you are entitled to.
If you are over 65 - have a look at exemption limits rather than age tax credit
 
Sorry I should have said that two of the pensions are state pensions from PRSI, Irish and UK, + private pensions.
Am I correct, If the total does not come up to my PAYE allowance I should not be liable for tax.
 
For the current tax year your taxable income consists of the Income from employment (up to August) plus income from all three pensions for the remainder of the year.

As it appears you reached 65 during the year don't forget to allow the age tax credit when doing your calculation

Exemption rate for 2008 is E20000 - single or E40000 - married
 
Just another quick question.
Which pension pays the tax? does each know what I am paid? do I receive a P60 from each of them?
or do I pay the tax myself?
 
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