topic Re: In Pension splitting, the Pensioner (you) amount is a ded... in Seniors and students https://turbotax.community.intuit.ca/community/seniors-students/discussion/re-in-pension-splitting-the-pensioner-you-amount-is-a-ded/01/1227134#M9407 <P>so if I get this right, when I split my pension income, my gross income stays the same in the review, my wife's income goes up, but my net income will be reduced at the end. I was confused when I did the review, my gross is the same but my wife's when up and if you add the two together the total is not right for total family income.&nbsp;</P><P>&nbsp;</P><P>so gross stays the same but net is reduced, will I see that when I file?</P><P>&nbsp;</P><P>thanks,</P><P>&nbsp;</P><P>John</P> Tue, 25 Feb 2020 15:53:46 GMT John117 2020-02-25T15:53:46Z When I review my income summary, I notice that the pension split I made is not reflected in the my income (by reducing it) but does increase my spouses income. https://turbotax.community.intuit.ca/community/seniors-students/discussion/when-i-review-my-income-summary-i-notice-that-the-pension-split-i-made-is-not-reflected-in-the-my/01/915940#M4309 Wed, 30 Oct 2019 17:55:51 GMT https://turbotax.community.intuit.ca/community/seniors-students/discussion/when-i-review-my-income-summary-i-notice-that-the-pension-split-i-made-is-not-reflected-in-the-my/01/915940#M4309 camembury 2019-10-30T17:55:51Z In Pension splitting, the Pensioner (you) amount is a ded... https://turbotax.community.intuit.ca/community/seniors-students/discussion/in-pension-splitting-the-pensioner-you-amount-is-a-ded/01/915941#M4310 <P>In Pension splitting, the Pensioner (you) amount is a deduction from income. Your Net Income and Taxable Oncome are reduced by your split amount.</P><P>Your partner (Transferee) receives the amount right into their Total Income.</P><P>Note also that a proportion of the tax paid on the Pension also gets transferred from you to your &nbsp;partners tax paid.</P> Wed, 30 Oct 2019 17:55:53 GMT https://turbotax.community.intuit.ca/community/seniors-students/discussion/in-pension-splitting-the-pensioner-you-amount-is-a-ded/01/915941#M4310 TonyC11 2019-10-30T17:55:53Z Re: In Pension splitting, the Pensioner (you) amount is a ded... https://turbotax.community.intuit.ca/community/seniors-students/discussion/re-in-pension-splitting-the-pensioner-you-amount-is-a-ded/01/1227134#M9407 <P>so if I get this right, when I split my pension income, my gross income stays the same in the review, my wife's income goes up, but my net income will be reduced at the end. I was confused when I did the review, my gross is the same but my wife's when up and if you add the two together the total is not right for total family income.&nbsp;</P><P>&nbsp;</P><P>so gross stays the same but net is reduced, will I see that when I file?</P><P>&nbsp;</P><P>thanks,</P><P>&nbsp;</P><P>John</P> Tue, 25 Feb 2020 15:53:46 GMT https://turbotax.community.intuit.ca/community/seniors-students/discussion/re-in-pension-splitting-the-pensioner-you-amount-is-a-ded/01/1227134#M9407 John117 2020-02-25T15:53:46Z Re: In Pension splitting, the Pensioner (you) amount is a ded... https://turbotax.community.intuit.ca/community/seniors-students/discussion/re-in-pension-splitting-the-pensioner-you-amount-is-a-ded/01/1252594#M9426 <P><LI-USER uid="1423634" login="John117"></LI-USER></P> <P>&nbsp;</P> <P>When splitting eligible pension income this is normal, in that the total of your eligible pension income, $15,000,&nbsp;will be included in your&nbsp;<STRONG>Total</STRONG>&nbsp;income and $7,500 will be included in your spouse's total income.&nbsp; As you proceed through your return, you will note that the amount that you split with your spouse, $7,500&nbsp;will be claimed as a deduction from your total income&nbsp;when calculating your&nbsp;<STRONG>Net</STRONG>&nbsp;income, thus removing the amount from your&nbsp;<STRONG>Taxable</STRONG>&nbsp;income<STRONG>.</STRONG></P> <P>&nbsp;</P> <P>And "yes" you will see this when you file.</P> Sun, 01 Mar 2020 00:12:17 GMT https://turbotax.community.intuit.ca/community/seniors-students/discussion/re-in-pension-splitting-the-pensioner-you-amount-is-a-ded/01/1252594#M9426 TurboTaxKim 2020-03-01T00:12:17Z
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topic Re: In Pension splitting, the Pensioner (you) amount is a ded... in Seniors and students
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https://turbotax.community.intuit.ca/community/seniors-students/discussion/re-in-pension-splitting-the-pensioner-you-amount-is-a-ded/01/1227134#M9407
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<P>so if I get this right, when I split my pension income, my gross income stays the same in the review, my wife's income goes up, but my net income will be reduced at the end. I was confused when I did the review, my gross is the same but my wife's when up and if you add the two together the total is not right for total family income.&nbsp;</P><P>&nbsp;</P><P>so gross stays the same but net is reduced, will I see that when I file?</P><P>&nbsp;</P><P>thanks,</P><P>&nbsp;</P><P>John</P>
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<pubDate>Tue, 25 Feb 2020 15:53:46 GMT</pubDate>
<dc:creator>John117</dc:creator>
<dc:date>2020-02-25T15:53:46Z</dc:date>
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<title>
When I review my income summary, I notice that the pension split I made is not reflected in the my income (by reducing it) but does increase my spouses income.
</title>
<link>
https://turbotax.community.intuit.ca/community/seniors-students/discussion/when-i-review-my-income-summary-i-notice-that-the-pension-split-i-made-is-not-reflected-in-the-my/01/915940#M4309
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<pubDate>Wed, 30 Oct 2019 17:55:51 GMT</pubDate>
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<dc:creator>camembury</dc:creator>
<dc:date>2019-10-30T17:55:51Z</dc:date>
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<title>
In Pension splitting, the Pensioner (you) amount is a ded...
</title>
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https://turbotax.community.intuit.ca/community/seniors-students/discussion/in-pension-splitting-the-pensioner-you-amount-is-a-ded/01/915941#M4310
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<P>In Pension splitting, the Pensioner (you) amount is a deduction from income. Your Net Income and Taxable Oncome are reduced by your split amount.</P><P>Your partner (Transferee) receives the amount right into their Total Income.</P><P>Note also that a proportion of the tax paid on the Pension also gets transferred from you to your &nbsp;partners tax paid.</P>
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<pubDate>Wed, 30 Oct 2019 17:55:53 GMT</pubDate>
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https://turbotax.community.intuit.ca/community/seniors-students/discussion/in-pension-splitting-the-pensioner-you-amount-is-a-ded/01/915941#M4310
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<dc:creator>TonyC11</dc:creator>
<dc:date>2019-10-30T17:55:53Z</dc:date>
</item>
<item>
<title>
Re: In Pension splitting, the Pensioner (you) amount is a ded...
</title>
<link>
https://turbotax.community.intuit.ca/community/seniors-students/discussion/re-in-pension-splitting-the-pensioner-you-amount-is-a-ded/01/1227134#M9407
</link>
<description>
<P>so if I get this right, when I split my pension income, my gross income stays the same in the review, my wife's income goes up, but my net income will be reduced at the end. I was confused when I did the review, my gross is the same but my wife's when up and if you add the two together the total is not right for total family income.&nbsp;</P><P>&nbsp;</P><P>so gross stays the same but net is reduced, will I see that when I file?</P><P>&nbsp;</P><P>thanks,</P><P>&nbsp;</P><P>John</P>
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<pubDate>Tue, 25 Feb 2020 15:53:46 GMT</pubDate>
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https://turbotax.community.intuit.ca/community/seniors-students/discussion/re-in-pension-splitting-the-pensioner-you-amount-is-a-ded/01/1227134#M9407
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<dc:creator>John117</dc:creator>
<dc:date>2020-02-25T15:53:46Z</dc:date>
</item>
<item>
<title>
Re: In Pension splitting, the Pensioner (you) amount is a ded...
</title>
<link>
https://turbotax.community.intuit.ca/community/seniors-students/discussion/re-in-pension-splitting-the-pensioner-you-amount-is-a-ded/01/1252594#M9426
</link>
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<P><LI-USER uid="1423634" login="John117"></LI-USER></P> <P>&nbsp;</P> <P>When splitting eligible pension income this is normal, in that the total of your eligible pension income, $15,000,&nbsp;will be included in your&nbsp;<STRONG>Total</STRONG>&nbsp;income and $7,500 will be included in your spouse's total income.&nbsp; As you proceed through your return, you will note that the amount that you split with your spouse, $7,500&nbsp;will be claimed as a deduction from your total income&nbsp;when calculating your&nbsp;<STRONG>Net</STRONG>&nbsp;income, thus removing the amount from your&nbsp;<STRONG>Taxable</STRONG>&nbsp;income<STRONG>.</STRONG></P> <P>&nbsp;</P> <P>And "yes" you will see this when you file.</P>
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<pubDate>Sun, 01 Mar 2020 00:12:17 GMT</pubDate>
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https://turbotax.community.intuit.ca/community/seniors-students/discussion/re-in-pension-splitting-the-pensioner-you-amount-is-a-ded/01/1252594#M9426
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<dc:creator>TurboTaxKim</dc:creator>
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