I am trying to understand TurboTax 2014 in anticipation of doing my own taxes for 2015. year. I have reviewed the "Pension splitting - definition" section and have confirmed the amount of eligible pension available for splitting (50% of $30,000).
Thanks for taking the time to respond. Her additional income outside her pension is QPP, OAS a small amount to interest income and withdrawals from her RRSP. My tax accountant got a more beneficial result when splitting $10,800 to me from her pension, but TurboTax limits the transfer to $1258.
Thanks for taking the time to respond. Her additional income outside her pension is QPP, OAS a small amount to interest income and withdrawals from her RRSP. My tax accountant got a more beneficial result when splitting $10,800 to me from her pension, but TurboTax limits the transfer to $1258.
Without seeing the full extent of the calculation, I can only guess. It could be that the amount available to split will only be beneficial when that amount is used. Does your spouse have other income?
Thanks for taking the time to respond. Her additional income outside her pension is QPP, OAS a small amount to interest income and withdrawals from her RRSP. My tax accountant got a more beneficial result when splitting $10,800 to me from her pension, but TurboTax limits the transfer to $1258.