Evening, would anyone know how much tax I could reclaim if I pay a lump sum of 16k into a new pension before 31st Oct and put it against 2008 income...
approx. figures for 2008 were gross 80k, income tax paid 24k
Am I right in thinking it's 41% of 16k or is that too simple?!
Also, could I reclaim PRSI from 2008 if it was class S1?
At age 39 you can get tax relief for up to 20% of your relevant earnings. I should have realised that's where the €16000 comes from.
You paid top rate tax on more than the €16,000, so yes, the tax refund should be 41% of the €16000. No relief for Prsi on Class S though.