Tax return on student fees.

[TrotterDel]

I just received my tax refund for 2011.I have two kids at college paid 2000e each in fees no choice expected €500 tax refund got €400 anyone know what has happened to the other €100 ???

 

[bazermc]

why did you expect 500 back.

The credit relief is at 20% so you correctly got 400 back!

 

[vandriver]

4000 spent,take away 2000 disregard leaves 2k @ 20% =€400.

 

[Joe_90]

I presume that these are course fees payable because the student was repeating a year and not the registration fee of €2,000 which does not qualify as 3rd level fees.

 

[TrotterDel]

My memory of the 2010 budget applicable for 2011 was first child 2k and the second one was 1500e when it came to paying i had to fork out 4k in total on the understanding that the tax man would refund the 500e. I understand how they calculated the figure of 400e but that means the second child cost 1600e not 1500e hence the missing 100e ???
I am referring to student contribution fees.

 

[mandelbrot]

From IT31 on Revenue.ie:
For the year 2011 and subsequent years the first €2,000 of each claim is disregarded for relief, where any one of the students in respect of whom the claim is being made is a full-time student

So you paid 4k, the first 2k is disregarded and you get relief at 20% on the remaining 2k.

 

[partnership]

My memory of the 2010 budget applicable for 2011 was first child 2k and the second one was 1500e when it came to paying i had to fork out 4k in total on the understanding that the tax man would refund the 500e. I understand how they calculated the figure of 400e but that means the second child cost 1600e not 1500e hence the missing 100e ???
I am referring to student contribution fees.

I thought student contribution fees were not allowable for tax? Has this changed cos if so must apply.

 

[TrotterDel]

I FULLY UNDERSTAND THE TAX MANS CALCULATIONS.
The question is,

My memory of the 2010 budget applicable for 2011 was first child 2k and the second one was 1500e when it came to paying i had to fork out 4k in total on the understanding that the tax man would refund the 500e. I understand how they calculated the figure of 400e but that means the second child cost 1600e not 1500e hence the missing 100e ???

 

[mandelbrot]

I FULLY UNDERSTAND THE TAX MANS CALCULATIONS.
The question is,

My memory of the 2010 budget applicable for 2011 was first child 2k and the second one was 1500e when it came to paying i had to fork out 4k in total on the understanding that the tax man would refund the 500e. I understand how they calculated the figure of 400e but that means the second child cost 1600e not 1500e hence the missing 100e ???

No need to shout. If you understand the calculations then you'd understand no money is missing.

What do you mean by "the 500e"?

The cost paid is the cost paid, in your case 4k?

I think your recollection must be incorrect. If you look at the IT31 I linked to already you'll see examples with all sorts of numbers, because the student fees / contributions vary from college to college.

 

[Slim]

I FULLY UNDERSTAND THE TAX MANS CALCULATIONS.
The question is,

My memory of the 2010 budget applicable for 2011 was first child 2k and the second one was 1500e when it came to paying i had to fork out 4k in total on the understanding that the tax man would refund the 500e. I understand how they calculated the figure of 400e but that means the second child cost 1600e not 1500e hence the missing 100e ???

I wonder if you are confusing tax relief on tuition fees with overall reduction in 'Registration Fees' which are not tax deductible?

 

[Daenis]

TrotterDels recollection of the budget announcement at the time is correct, however Revenue's calculation of the tax relief due on 2000 is also correct. I don't think it has ever been clarified where the other 100 was meant to come from.

 

[mandelbrot]

TrotterDels recollection of the budget announcement at the time is correct, however Revenue's calculation of the tax relief due on 2000 is also correct. I don't think it has ever been clarified where the other 100 was meant to come from.

Any chance of a link to this Budget announcement, it's pretty much a redundant discussion unless we can see what it is we're trying to reconcile..?