Hi,
The Pension Income Splitting Optimizer only works if you are creating a dual return.
Not all pension income is eligible for splitting; TurboTax automatically determines which amounts can be split with your spouse.
If you are married or living common-law, and one or both of you receive pension income, it might make tax sense to split pension income if you are in different tax brackets.
Use the Pension Income Splitting Optimizer to determine whether there is any tax advantage to splitting this income and which amount gives you the best bottom line.
1. From the Tools menu, select Pension Income Splitting Optimizer.
2. Select Yes to the question "Do you and your spouse or common-law partner jointly agree to split eligible pension income received in 2015?", and then click Continue.
Make sure the taxpayer who is splitting his or her pension is also selected.
3. On the Pension Income Splitting Optimizer screen, click Optimize.
The table shows the effect of choosing various amounts on your bottom line. Québec residents also have a table below the federal calculations showing the effect on provincial tax.
TurboTax fills in the optimal amount at the bottom of the table. You can adjust this amount if you wish.
4. Click Continue when you are happy with the amount.
The amount in the box is transferred to Form T1032, Joint Election to Split Pension Income and to the appropriate lines of the T1 General (line 210 of the pensioner's return and line 116 of the spouse's return).
If you decide to split pension income, review T1032 - Joint election to split pension income.
If you are mailing your 2015 return, include the printed and certified T1032 - you both need to sign and date the formYou might find the below helpful
http://www.cra-arc.gc.ca/pensionsplitting/
It might be better for you if a TurboTax expert helped troubleshoot your question by phone.
Please call us by clicking the following link to the following link to the
Contact Us page. Then complete the required information. An incident ID
will appear along with number phone number. Call the number. This will
ensure that an appropriate agent is assigned to your query:
https://support.turbotax.intuit.ca/contact/
We look forward to hearing from you.
Thanks
Hi,
The Pension Income Splitting Optimizer only works if you are creating a dual return.
Not all pension income is eligible for splitting; TurboTax automatically determines which amounts can be split with your spouse.
If you are married or living common-law, and one or both of you receive pension income, it might make tax sense to split pension income if you are in different tax brackets.
Use the Pension Income Splitting Optimizer to determine whether there is any tax advantage to splitting this income and which amount gives you the best bottom line.
1. From the Tools menu, select Pension Income Splitting Optimizer.
2. Select Yes to the question "Do you and your spouse or common-law partner jointly agree to split eligible pension income received in 2015?", and then click Continue.
Make sure the taxpayer who is splitting his or her pension is also selected.
3. On the Pension Income Splitting Optimizer screen, click Optimize.
The table shows the effect of choosing various amounts on your bottom line. Québec residents also have a table below the federal calculations showing the effect on provincial tax.
TurboTax fills in the optimal amount at the bottom of the table. You can adjust this amount if you wish.
4. Click Continue when you are happy with the amount.
The amount in the box is transferred to Form T1032, Joint Election to Split Pension Income and to the appropriate lines of the T1 General (line 210 of the pensioner's return and line 116 of the spouse's return).
If you decide to split pension income, review T1032 - Joint election to split pension income.
If you are mailing your 2015 return, include the printed and certified T1032 - you both need to sign and date the formYou might find the below helpful
http://www.cra-arc.gc.ca/pensionsplitting/
It might be better for you if a TurboTax expert helped troubleshoot your question by phone.
Please call us by clicking the following link to the following link to the
Contact Us page. Then complete the required information. An incident ID
will appear along with number phone number. Call the number. This will
ensure that an appropriate agent is assigned to your query:
https://support.turbotax.intuit.ca/contact/
We look forward to hearing from you.
Thanks