dougb13
New Member

Pension Splitting: "Tax Summary" pg under "Pension Income" has my full pension amnt and the split portion under my spouse. Shouldn't my pension be reduced by that amt?

Completing my taxes on TurboTax and splitting my pension income with my spouse. On the "Detailed Tax Summary" page on the second row "Pension Income", under my name it has my full pension amount, and under my spouse it lists the amount I'm splitting with her (if you add the two numbers together it is much more than my full pension amount). I would have expected my "pension income" to be reduced by the amount I was splitting with my spouse?

‎October 31, 2019 12:02 AM
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TurboTaxKim
Level 15

Seniors and students

When you split your pension with your spouse, you will still see the full amount of the pension you received on your tax return as Pension Income on Line 115. 

Then further down you will notice the amount you are splitting with your spouse is deducted in the next section to arrive at Net Income (Line 210 - Deduction for Split Pension Amount).

Your spouse will have one income entry on Line 116, as well as a credit for income tax deducted in the same percentage as the Pension Income Split. 

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‎October 31, 2019 12:02 AM
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noodle
Level 3

Seniors and students

This does not change the fact that the total income at the top of the Detailed Tax Summary is inflated by adding on the amount of the split pension. If there are other entries in the Deductions section these are also subtracted with the split pension amount to arrive at the Total Net Income. Therefore the Detailed Tax Summary never shows the Total Income correctly for many people. This is misleading.  It takes saving a separate file without any pension splitting to see the true Total Income on the Detailed Tax Summary.  This is the same $ amount regardless of how pension is attributed.  A couple did not receive $10,000 more in their total income received because $10,000 was split.

‎May 9, 2023 8:56 AM
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