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For the first time we have elected to split the pension income with my wife. This caused a considerable change in the refund. Not sure we did the right thing.
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April 21, 2021
5:50 AM
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Seniors and students
As per our TurboTax article: Understanding Pension Income Splitting for Seniors, If you receive a larger pension than your spouse or common-law partner, it may be beneficial to transfer over a portion of your income on your tax return. This technique reduces your taxable income by shifting a portion to the lower-earning partner, thus reducing your overall tax burden as a retired couple or household. Splitting the pension income is a right think to do because of the benefit stated above (that must have changed your refund). You may split the pension income with your wife up to 50% of your pension.
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November 23, 2021
8:47 AM