For the first time we have elected to split the pension income with my wife. This caused a considerable change in the refund. Not sure we did the right thing.

[Lvsingh_2692]

As per our TurboTax article: Understanding Pension Income Splitting for Seniors, If you receive a larger pension than your spouse or common-law partner, it may be beneficial to transfer over a portion of your income on your tax return. This technique reduces your taxable income by shifting a portion to the lower-earning partner, thus reducing your overall tax burden as a retired couple or household. Splitting the pension income is a right think to do because of the benefit stated above (that must have changed your refund). You may split the pension income with your wife up to 50% of your pension. 

 If you require further assistance please contact our phone support team or contact us directly on Facebook or Twitter.

[Lvsingh_2692]

As per our TurboTax article: Understanding Pension Income Splitting for Seniors, If you receive a larger pension than your spouse or common-law partner, it may be beneficial to transfer over a portion of your income on your tax return. This technique reduces your taxable income by shifting a portion to the lower-earning partner, thus reducing your overall tax burden as a retired couple or household. Splitting the pension income is a right think to do because of the benefit stated above (that must have changed your refund). You may split the pension income with your wife up to 50% of your pension. 

[Lvsingh_2692]

 If you require further assistance please contact our phone support team or contact us directly on Facebook or Twitter.