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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?
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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?
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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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?
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.