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Renter's tax credit 500 euro, how much do actually get?

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  • 06-01-2023 5:19pm
    #1
    zdan1916
    Registered Users Posts: 6 ✭


    Hi,

    Maybe someone can help cause couldn't full understand the break down on the revenue website of how tax credits work.

    If I am PAYE worker earning 42000 a year.. and apply successfully for the 500 rent tax credit.. how much of that 500 do i get in my pocket?

    Thanks a million.



Comments

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    #2
    Burlap_Sack
    Registered Users Posts: 644 ✭✭✭Burlap_Sack


    Depends how much rent you paid but more than likely you will get the full 500.



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    #3
    cromelex
    Registered Users Posts: 234 ✭✭cromelex


    Assuming you paid more than 2500 euro in rent, you should get 500 euro back in tax.



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    #4
    Giblet
    Registered Users Posts: 11,980 ✭✭✭✭Giblet


    If credit is applied you get 20% of it cash. The maximum credit is €2,500 for a single person applying, €5,000 for a jointly assessed couple. If you pay less that the credit in rent, the amount you have paid in rent is the maximum credit, otherwise it is capped at the values given.

    So for a single person claiming €2,500 you will receive €500 per person claiming.

    For a jointly assessed couple claiming €5,000, you will receive €1000.



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    #5
    FernandoTorres
    Registered Users Posts: 658 ✭✭✭FernandoTorres


    It seems its a tax credit rather than a refund so the amount you get back depends on how much tax you paid rather than how much rent you paid? For example if you didn't work last year but still paid €12k in rent you wouldn't be entitled to anything. Correct me if I'm wrong!



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    #6
    dontmindme
    Registered Users Posts: 753 ✭✭✭dontmindme


    What rent tax-credit do non-PAYE workers get?



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    #7
    zdan1916
    Registered Users Posts: 6 ✭zdan1916


    https://www.boards.ie/discussion/comment/120076242#Comment_120076242

    ya this is my question.. how do calculate how much you get? does 500 tax credit mean you are 500 better off or that 500 of your earnings is not taxed which could be more like 250 better off?



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    #8
    zdan1916
    Registered Users Posts: 6 ✭zdan1916


    https://www.boards.ie/discussion/comment/120076293#Comment_120076293

    dont know, maybe start another topic with that question 😜



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    #9
    squidgainz
    Registered Users Posts: 632 ✭✭✭squidgainz


    https://www.boards.ie/discussion/2058278490/renters-tax-credit-500-euro-how-much-do-actually-get

    500



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    #10
    FernandoTorres
    Registered Users Posts: 658 ✭✭✭FernandoTorres


    As long as you paid over 500 in taxes last year then you'll get the full 500 benefit. A tax credit directly reduces the tax you pay so you get a full refund.



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