Earnings from Pension 138078.9 Earnings from Annuity 36000
TaxTimsays: 10 February 2014 at 21:21
Unfortunately you exceed the earnings threshold for taxpayers over 65 which is R120 000 and therefore you will have to submit an IRP6.
Gordonsays: 11 February 2014 at 9:28
I am sorry the other question I meant to put to you was, What calculations are there for claiming deduction on my contribution and expense to a medical aid for over 65?
TaxTimsays: 11 February 2014 at 20:45
If you are over 65 years of age then you are able to claim the entire medical aid contribution for tax purposes.
Gordonsays: 21 February 2014 at 13:16
For my IRP6 (2) these are estimates if this is correct the tax man owes me money income 174079 tax estimate 31925 Rebate -18830 -18830 Medical cotribution and expense -20001 Tax for full year -6906 Still to be deducted Less employers tax for full year -6107 Less provisional tax for 1st period -299.61 Is this the correct method?
TaxTimsays: 24 February 2014 at 10:54
You cannot have a negative tax amount owed, it becomes R0. However what this means is that the tax already paid will be refunded to you so that will come back as a tax refund.
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