Irish tax/investment calculator I built - feedback welcome

soodrajesh87

soodrajesh87

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Hi all,

Following up on my post in "How to use Askaboutmoney" — here it is: calculator

gogenops.com/ireland-tax-calculator/

24 free calculators — Income Tax/USC/PRSI, salary comparison, contractor day rate, My Future Fund auto-enrolment, CGT, deemed disposal on ETFs, DIRT vs State Savings, inheritance & gift tax, home buying costs/stamp duty, VRT, ARF drawdown, and a few others. Every one shows the actual band-by-band breakdown, not just a final number — I built it because I wanted to check my own numbers properly.

No sign-up, nothing sent to a server — it all runs in your browser.

I'd genuinely appreciate people trying to break it. If a number looks wrong, or a scenario isn't handled the way you'd expect (a specific tax category, an edge case in a band calculation, whatever), I want to know — happy to fix anything that's off.

Separately, if you're a civil or public servant: there's also a Single Scheme pension calculator I built more recently — gogenops.com/ireland-public-pension-calculator/ — different math entirely from the main site (Defined Benefit, not a pot), plus an AVC relief calculator that accounts for your mandatory contribution rather than treating AVCs in isolation.

Thanks,
Raj
 
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Thanks Raj. One comment on the Income Tax Calculator. It appears to be giving USC relief on Pension Contributions when I enter my figures, whereas Pension Contributions should only get PAYE relief.
 
Thanks for sharing. There are so many tools here that will be useful - I've opened a couple and noted the following:

- in ETF vs Shares vs Pension Calculator - I used some test figures, €20000 lump sum today, €300 monthly contribution, 5% expected return, 15 year horizon. Without doing sums to check, ETF and Shares give a reasonable "total contributed" of €74k, but the total contributed showing for pension [based on same figures] is €6090000 - yes, over 6 million!
- in the income tax calculator, there is nothing to take into account age-related limits or the €115k threshold. Maybe needing to put in an age would be a step too far, but it should only allow you to put in a percentage up to €115k. My example figures had me contributing €35k to pension, but I am not actually allowed go over €28750 [unless I want to lose the tax benefits].
 
johncb said:
- in ETF vs Shares vs Pension Calculator - I used some test figures, €20000 lump sum today, €300 monthly contribution, 5% expected return, 15 year horizon. Without doing sums to check, ETF and Shares give a reasonable "total contributed" of €74k, but the total contributed showing for pension [based on same figures] is €6090000 - yes, over 6 million!
Click to expand...
Agree there is an error in the formula

Looking further at your ETF tax calculator, your formula seems to charge 38% on the entire fund. I ran a calculation of a fund of 72000 being approximately 100k at 8 years (monthly contributions). Your calculator tells me the tax will be 38,000 but actually the tax on the unrealised gain is around 10600.

Net value at the end €213,884.57
Total exit tax paid €127,413.13

These figures are wrong across a 20 year timeline.
 
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In your ARF drawdown calculator for someone aged 65 or under, the PRSI computation seems quite high: On an ARF annual income of €60,000 it calculates PRSI of €3,262.50 - the same amount of salary in the Income Tax calculator (which seems accurate to me) gives PRSI of €2,610.00. Maybe I'm misunderstanding something, but I thought ARF PRSI (class S) rate is the same as Class A. The PAYE computation is also high; presumably personal credits have not been included?

The interface is lovely and simple to use, and the rapid recalculation when you change a figure is very nice.
 
Thanks everyone for the detailed testing and for posting real numbers - that's exactly the kind of feedback that makes a tool like this actually trustworthy. I went through every issue below, found the root cause in each case, fixed it, added tests that reproduce your exact scenarios so it can't silently regress, and re-verified the underlying formulas directly against Revenue.ie and gov.ie's PRSI guidance. Really appreciate you taking the time.
 
Fixed and shipped:

  • ETF/fund exit tax was taxing most of your own contributed capital as if it were investment gain, because the cost basis wasn't being credited for contributions made between chargeable events. Now taxes only the real gain.
  • USC was being given relief on pension contributions in the Income Tax Calculator. Pension relief applies to Income Tax only - USC and PRSI are unaffected, as Revenue specifies. Fixed.
  • ETF vs Shares vs Pension calculator was folding your lump sum into your monthly contribution before running the pension projection, producing wildly inflated "total contributed" figures. Lump sum and monthly contribution are now handled separately, same as the ETF/Shares legs.
  • ARF imputed distribution was applying from any age; it now correctly only starts in the year you turn 61 (0% below that, 4% from 61–70, 5% from 71, 6% override above €2m combined ARF/vested PRSA value).
  • ARF drawdown PRSI was using the wrong PRSI class's formula (Class A, with its weekly exemption) instead of Class K (flat rate above €5,000, no weekly exemption), which overstated the PRSI charge. Fixed.
  • Income Tax Calculator now has an age field and shows your actual age-related relievable pension limit (15–40% of earnings, capped at €115,000) with a warning if your entered contribution exceeds it.
 
Just playing around with one or two of the calculator.
One suggestion is to change the increments by click from 1c to €1.
For instance on changing contract daily rates or overpayments on mortgages it is useless currently.
If someone does want an actual cent amount, they can type that in!

Also in the contractor rate section, I would add a comment that the "Deductible Expenses / Year (€)" to be entered are excluding VAT.
As is, you are making the VAT component not available for pay, which it would be as it is deducted from the VAT the contractor is charging

You could do the calculation yourself but VAT rate can vary, postage stamps 0%, vehicle labour can be 13.5% and of course standard vat at 23%.
So I'd keep it simple on you!
 
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Thanks @Savvy Both sorted, live now. Number fields click by €1 (or 1 unit) instead of a cent across every calculator. typing an exact amount still works exactly as before. And the "Deductible Expenses / Year" field now says to enter it excluding VAT, since you're right that you reclaim it separately and it's not a real cost, kept it to a plain note rather than trying to calculate VAT myself, since the rate varies by expense type (postage, labour, standard) and guessing at that would just introduce a different error. Thanks again for the sharp eye.
 
Thank you for building this. Is it possible for you to add additional Employment Type for people on (private) pensions which would also take into account state pension income?
 
Hi @Shabbyroad, Added Retirement Income Calculator (Ireland) in the Planning & Retirement section, Try it!
  • It takes both incomes as separate fields: "Your private/occupational pension" and "Your State Pension", rather than one generic income box.
  • It then applies the correct, different tax treatment to each, automatically:
    • State Pension → taxable for Income Tax, but excluded entirely from USC and PRSI.
    • Private/occupational pension → taxable and USC-liable, but PRSI-exempt (Class M).
  • On top of that it applies reliefs a plain "Employee" type would never trigger for this population: the €18,000/€36,000 age exemption + marginal relief from 65, the Age Tax Credit, and the reduced 2% USC rate from 70.
 
"Combined ARF/vested PRSA assets exceed €2,000,000, so 6% applies regardless of age."
I believe this is only the case from 61 (?). At the moment your calculator enforces that rule even if you state you are <61. (Some pension schemes allow drawdown earlier, T&C apply).
 
@nest egg,
Good catch, that was a real bug, not intentional. Fixed: under 61, imputed distribution is 0% regardless of fund size; the 6% only kicks in once you're 61+. Live now.
 
soodrajesh87 said:
distribution is 0% regardless of fund size; the 6% only kicks in once you're 61+.
Click to expand...
In case it matters, the mandatory imputed taxable distributions take effect for the full year in which you turn the relevant age. So even if you turn a milestone age on December 31st the relevant mandatory drawdown applies for the full year.
 
soodrajesh87 said:
Hi @Shabbyroad, Added Retirement Income Calculator (Ireland) in the Planning & Retirement section, Try it!
  • It takes both incomes as separate fields: "Your private/occupational pension" and "Your State Pension", rather than one generic income box.
  • It then applies the correct, different tax treatment to each, automatically:
    • State Pension → taxable for Income Tax, but excluded entirely from USC and PRSI.
    • Private/occupational pension → taxable and USC-liable, but PRSI-exempt (Class M).
  • On top of that it applies reliefs a plain "Employee" type would never trigger for this population: the €18,000/€36,000 age exemption + marginal relief from 65, the Age Tax Credit, and the reduced 2% USC rate from 70.
Click to expand...

Thank you this is useful. It would benefit from being able to input ages for both partners: for example if one partner reaches 65/66 and can claim state pension before the other. Also useful for applying the Age Related Tax Credit where one partner receives it before the other.

The summary at the header of the page is useful but it may be beneficial to add how the tax credits are applied in the right hand column: this would allow users to understand whether they are applying all tax credits.

One other suggestion: the option to add BP65 payment as an income from age 65 if either or both partners qualify.
 
@ClubMan, Correct, and good to confirm, the calculator already computes on a full-year basis (no proration by birthday), but the age field had no guidance on which age to enter. Added a hint + FAQ so it's explicit now.
 
@Shabbyroad Thanks for the detailed feedback — all are live now:
  • Separate age fields for you and your spouse (this also fixed a subtlety: the over-70 USC rate is judged on each of your own ages, not whichever age was entered).
  • The tax credit breakdown is now itemized in the right column instead of one total.
  • Added BP65 as its own income field — appears once you enter age 65, taxed like the State Pension (no USC/PRSI).
 
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