Unearned Income, Form 11 or 12?

Corola said:
t doesn't say if you pay class K contributions you are entitled to no benefits. It says you aren't entitled to any benefits from those class K contributions.
Click to expand...
I am referring to people with unearned income.

Many people don't in fact pay class K on their unearned income.

These people do in fact get benefits from the prsi charged on their unearned income.
 
S class said:
I am referring to people with unearned income.

Many people don't in fact pay class K on their unearned income.

These people do in fact get benefits from the prsi charged on their unearned income.
Click to expand...
"Unearned income"
Can I ask what is DIRT considered?

I remember last year, revenue initially added the EU interest earned as "income" on the end of year Statement, but later they had to change this as was considered incorrect.
 
ACER10 said:
If anyone has a screenshot of where the amount of interest earned should go on both systems PAYE 12 and PAYE 11, I'd appreciate that.
Click to expand...
Interest from Raisin, Trade Republic, etc. is a type of unearned income and is entered on Form 12 under EU Deposit Interest (excluding UK interest).



On the paper Form 11 it's line 305.

 
Last edited:
DIRT is not income - it's a tax, Deposit Interest Retention Tax

It is collected on the interest earned on deposits with Irish banks, etc

If you are a Form 11 taxpayer then PRSI can be due as well as DIRT
 
Corola said:
Interest from Raisin, Trade Republic, etc. is a type of unearned income and is entered on Form 12 under EU Deposit Interest (excluding UK interest).

View attachment 9871

On the paper Form 11 it's line 305.

View attachment 9870
Click to expand...
Thank you @Corola
Ok. So I will complete Form 12, until the registration for Form 11 is accepted by revenue.

Ok... so money that is required to pay DIRT (form 12) or DIRT & PRSI (form 11) is categories under "unearned income" and "foreign income", but Revenue has now added extra ingredients for more specific categorisation in Form 12 (EU deposit interest, excluding UK).

Form 11 has always had this option within Revenue, so didn't have issues in 2023/2024.

Thank you so much.
I get it now.
 
That's right, it's unearned income because it's not from your employment, that's why you need to declare it separately.

Then it's under the heading of foreign income because it's from outside of Ireland.

And specifically it's EU deposit interest because it's from a bank/neo-bank in the EU (excluding UK & Ireland).
 
Last edited:
ACER10 said:
Thank you @Corola
Ok. So I will complete Form 12, until the registration for Form 11 is accepted by revenue....
Click to expand...
Given the 2024 return isn't due until Oct/Nov of this year, why go to the trouble of completing your tax return twice, why not await the Form 11 registration?
 
nest egg said:
Given the 2024 return isn't due until Oct/Nov of this year, why go to the trouble of completing your tax return twice, why not await the Form 11 registration?
Click to expand...
Ok.. perfect. Will do. That is good advice.
 
You must log in or register to reply here.
Menu
Log in
Register