Tax Deadline 31 October 2010 - Frequently Asked Questions

Tax Deadline Approaching – Frequently Asked Questions

Pension contributions – how much is allowable?

Contributions made to approved pension schemes are allowed in full, subject to certain limits. The following are the percentage relief limits:

Age                                 % of gross income

Aged under 30                    15%

Aged 30 to 39                     20%

Aged 40 to 49                     25%

Aged 50 to 54                     30%

Aged 55 to 59                     35%       

Aged 60 and over               40%

The maximum gross income figure for relief purposes is €150,000 in 2009 and 2010. Please note where you have both an occupational pension scheme and a personal pension scheme there are certain rules that need to be considered, for further information please contact OSK.

Any unused allowances may be carried forward to subsequent years. The last date for making contributions and claiming relief is 31 October in the following tax year.  For further details, please email OSK.

Medical expenses – how much is allowable?

Tax relief is granted for a wide range of unreimbursed medical expenses paid by the taxpayer on behalf of him/herself or on behalf of any other person. Relief is not available for any expense which may have been or will be reimbursed by your health insurer. Tax relief is available at the standard rate of tax.

Tax relief may be claimed in the tax year in which the payment was made or in the year in which it was incurred.  Receipts do not need to be submitted with your tax claim however, receipts should be kept for all expenses incurred in the event of Revenue choosing your claim for a detailed inspection. The forms you need to make claim are Med 1 and Med 2, which can be easily downloaded from the Revenue website. For a comprehensive listing of allowable and non-allowable expenses please refer to leaflet IT 6 available on www.revenue.ie.

Tuition fees – how much is allowable?

Tax relief may be claimed at the standard rate of Income Tax in the years 2009 and 2010 on tuition fees on certain approved undergraduate and postgraduate courses. The maximum limit of such qualifying fees for academic years 2009/2010 and 2010/2011 is €5000 per course. In relation to foreign language and information technology courses, tax relief is also available at the standard rate of Income Tax where the net tuition fees for an approved course is more than €315. The maximum relief is €1270 per course.

From the tax year 2007 onwards an individual may claim tax relief on fees paid for an approved course as long as the individual has paid the fees themselves.  Tax relief is not available for administration, registration, examination fees or any part of the tuition fees which are met by grants, scholarships or employers. A full list of approved colleges and courses is available on the Revenue website (www.revenue.ie) from leaflet IT 31.

 For further information please contact Frances Nolan OSK Tax

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