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IRP5 treatment of retirement lump sum benefits

Posted 26 August 2014

I resigned from my employer in the 2014 y.o.a and took the full withdrawal from my provident fund with the company. The IRP5 received from the company does not include the retirement lump sum benefit received. Would it be correct to include the lump sum payment under code 3901 and claim a deduction as per the directive under code 4115?

TaxTim TaxTim says:
27 August 2014 at 10:00

Please have a look on eFiling and see if the IRP5 for this lump sum is on your return?

Sarah says:
27 August 2014 at 11:17

The lump sum is not on my IRP5 for the efiling return.

TaxTim TaxTim says:
27 August 2014 at 21:40

Did you pay tax on the withdrawal? You cannot claim anything against this tax paid. If you already paid tax or received an IRP5 for this then there is nothing left to be done.

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