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TRS1 payments

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  • 30-06-2009 8:43pm
    #1
    me_right_one
    Banned (with Prison Access) Posts: 2,043 ✭✭✭


    Hi all. I was just wondering. When I took out my mortgage, the bank told me to fill in a TRS1 form to claim mortgage intrest tax relief. There were a few problems, and it took about a year to sort out. In the meantime, I was making mortgage repayments, but not claiming the tax relief. Would I now be entitled to claim for that year, and if so, would they pay it to me in a lump sum or along with my normal tax relief? Thanks in advance


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    #2
    rameire
    Registered Users Posts: 4,152 ✭✭✭rameire


    ring up bank, just ask for the interest total paid last year.
    dont bother about a cert of interest, it just takes longer,
    or you could ask for one after you get the interest paid last year.
    fill out the form as suggested on the form.
    its quite simple, im sure you know.
    alot of people actually get the cert of interest for the trs, thinking they need to send it off to the revenue ( you dont )

    when on the phone to the bank ask them in what format do you enter the account number on the form.

    all banks have a different way of entering the account number on the form, som ehave dashes extra 1s or 2s or forward slashes that are required.

    ok go to www.revenue.ie and search for trs1p and download form and fill out
    or go to
    https://www.revenue.ie/trs/details.jsp and fill out details online.

    you will get a lump sum for previous years, its easier to suggest your own bank account, otherwise they may send it to the bank and you will have to contact them to receive it back.

    🌞 3.8kwp, 🌞 Split 2.28S, 1.52E. 🌞 Clonee, Dub.🌞



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    #3
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,919 Admin ✭✭✭✭✭Toots


    Had you send in the TRS1 form? As far as I'm aware, they'll only backdate payments back to when the TRS1 was received, if you only sent in the form now, they might not backdate anything.


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    #4
    rameire
    Registered Users Posts: 4,152 ✭✭✭rameire


    Toots* wrote: »
    Had you send in the TRS1 form? As far as I'm aware, they'll only backdate payments back to when the TRS1 was received, if you only sent in the form now, they might not backdate anything.

    they will
    you can claim for the previous 5 years for trs.

    🌞 3.8kwp, 🌞 Split 2.28S, 1.52E. 🌞 Clonee, Dub.🌞



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    #5
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,919 Admin ✭✭✭✭✭Toots


    :eek: Well I'm resubmitting mine so! I got a letter back saying I wasn't eligible for anything and I was only trying to claim for 4 months! I could use that money!


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    #6
    IsThatSo?
    Closed Accounts Posts: 988 ✭✭✭IsThatSo?


    If its for 2008 you can fill it out online (trs1), if for previous years you have to post a physical. I believe the online refunds are very quick. You don't have to wait for your yearly tax return to claim TRS.

    I claimed recently and would recommend to OP that you get the refund (which will be by electronic transfer) to the bank account your mortgage payment is coming from. It leaves less room for any errors :)


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    #7
    IsThatSo?
    Closed Accounts Posts: 988 ✭✭✭IsThatSo?


    Toots* wrote: »
    :eek: Well I'm resubmitting mine so! I got a letter back saying I wasn't eligible for anything and I was only trying to claim for 4 months! I could use that money!

    Give them ring, I had to and found them to be the most helpful group I have ever had to contact.............seriously, there is no messing and they will explain everything to you. They actually knew what they were talking about too and I didn't get passed around or put on hold..........you know the usual carry on that drives everyone mad.

    (No I don't work there!!)


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