When I try to optimize pension splitting between my wife and I, TurboTax does the optimization but also gives a Note saying "However, you should expect your OAS cheques to be reduced by $124.60 beginning in July 2019." When it says "your OAS cheques", does it mean mine when I'm transferring pension income from my wife to me? Or is this the net difference in total claw back of OAS for both my wife and I? Doesn't her OAS cheque go up because we're reducing her income subject to claw back? I don't see how the claw back number of $124.60 is arrived at. It is not 15 of the amount being transferred.
The Help screen has an example but the numbers make no sense. They must be in error.
If your income on your tax return is increasing, your OAS payments may be reduced. However, if your spouse's income is decreasing, the OAS payments for that individual would not be clawed back.
If your income on your tax return is increasing, your OAS payments may be reduced. However, if your spouse's income is decreasing, the OAS payments for that individual would not be clawed back.
irelynn8
New Member
bobmaddocks0521-
New Member
harnananc-gmail-
New Member
GaryFar
New Member
Cagey9
New Member
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.