Tax relief on PRSA Contribution

wanderer 22

Hi all,

looking for a little help/clarification. I pay into a PRSA , it's processed through my payroll. I made a once off/lump sum contribution of 5k last month - I know I can claim tax relief on this but am confused by the mention of a 'cut-off' date of mid-November for claiming the relief. If I claim tax relief on this contribution now will I receive the relief this year or next? Apologies if this isn't clear, Pensions get me muddled!!

SuperBowserWorld

If you paid a contribution for last year, 2022, you can claim on a tax return by October 31st 2023 or maybe even November 2023 if it's online.

Online tax return via myaccount revenue.ie

You should get money back soon after you send this return.

tmh106

You will get the relief shortly after you submit the claim. In my experience Revenue usually refund any refund due withing a couple of weeks of the claim being made - in saying this, I'm assuming your €5k contribution was within your age-related earnings percentage limits i.e. that it is actually eligible for relief. You make the claim on your 2022 tax return and the mid-Nov cutoff date is the deadline for making the claim i.e. you have until mid Nov 2023 to make a claim for any pension contribution made in the 2022 tax year (mid-Nov assumes you do your tax return online, if paper based the deadline is 31st Oct)

wanderer 22

Thanks both, very helpful.