Age limits on contribution

D

dave2015

Registered User

Messages

58

• 21 Jan 2020

• #1

Hi
Quick one I hope, I’m 40 this year in October, when can I go to 25%, can I avail for full tax year or need to calculate some prorated figure?
Thanks

 

K

kevhenry

Registered User

Messages

134

• 21 Jan 2020

• #2

Once you are in your 40th year you can avail of it.

Kevin
www.thepensionstore.ie

 

D

dave2015

Registered User

Messages

58

• 21 Jan 2020

• #3

Thanks Kevin

 

G

Gordon Gekko

Registered User

Messages

7,373

• 21 Jan 2020

• #4

kevhenry said:

Once you are in your 40th year you can avail of it.

Kevin
www.thepensionstore.ie

Click to expand...

Sorry, but that is not correct. You can use the 25% level for the calendar year in which you turn 40.

Someone enters their 40th year when they turn 39.

 

A

Allpartied

Registered User

Messages

488

• 21 Jan 2020

• #5

I have been told that you can claim the relief in the year that your 40th birthday falls. So you can make the tax free contribution, up to 25%, of your entire salary for that year.