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Why is maximum split amount of pension given as $1258 whereas eligible amount is $30,000.
I am trying to understand TurboTax 2014 in anticipation of doing my own taxes for 2015. year. I have reviewed the "Pension splitting - definition" section and have confirmed the amount of eligible pension available for splitting (50% of $30,000).
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October 29, 2019
8:33 PM
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Thanks for taking the time to respond. Her additional income outside her pension is QPP, OAS a small amount to interest income and withdrawals from her RRSP. My tax accountant got a more beneficial result when splitting $10,800 to me from her pension, but TurboTax limits the transfer to $1258.
October 29, 2019
8:33 PM
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Seniors and students
Without seeing the full extent of the calculation, I can only guess. It could be that the amount available to split will only be beneficial when that amount is used. Does your spouse have other income?
October 29, 2019
8:33 PM
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Seniors and students
Thanks for taking the time to respond. Her additional income outside her pension is QPP, OAS a small amount to interest income and withdrawals from her RRSP. My tax accountant got a more beneficial result when splitting $10,800 to me from her pension, but TurboTax limits the transfer to $1258.
October 29, 2019
8:33 PM
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Seniors and students
If you would like to have us review the entries and calculation, please let me know. I will send you instructions on how to provide your tax return information.
- Clint
- Clint
October 29, 2019
8:33 PM