- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Pension Income splitting?
Accepted Solutions
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Pension Income splitting?
When pension income is split, the tax associated with that pension income is also split in the same ratio. Tax deducted from non eligible income is not affected. And no, you do not adjust what is transferred manually.
http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/pnsn-splt/txddctd-eng.html
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Pension Income splitting?
When pension income is split, the tax associated with that pension income is also split in the same ratio. Tax deducted from non eligible income is not affected. And no, you do not adjust what is transferred manually.
http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/pnsn-splt/txddctd-eng.html
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Pension Income splitting?
Is the income splitting calculation done electronically on the standard turbo tax?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Pension Income splitting?
Yes, the standard TurboTax optimizer the Pension Splitting automatically. for further information on how TurboTax optimizes the Pension spitting, please check this link:
I hope this was helpful
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Pension Income splitting?
This is my first year doing income splitting. The pension amount is only one cheque $5414. I know i can only take half. Why does the program only give me $225. Wouldn't it be in my husbands best interest to put half on me as i am in a lower tax bracket? Taking half does nit put me in higher bracket. Do i change it manually? Or am i missing something? The struggle is real. Help
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Pension Income splitting?
You are correct that it would be beneficial to use a higher percentage of pension to split.
Please verify the steps to follow in our TurboTax FAQ for guidance: How do I split my pension income with my spouse?
For more information please see our TurboTax article Understanding Pension Income Splitting for Seniors
Thank you for using TurboTax.