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New Member
posted Feb 27, 2025 11:39:53 AM

Is the first 2K of a defined Pension Plan deductible and if so what line is it entered on...41200?

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3 Replies
Moderator
Feb 28, 2025 9:22:29 AM

Are you receiving amounts from a defined Pension Plan or are you paying into a defined Pension Plan?

 

 

 

New Member
Mar 3, 2025 6:23:40 AM

Thanks for the reply, last year I started receiving payments though a company defined pension plan and wondering if the first 2K of that is tax deductible somewhere like on line 41200?

Moderator
Mar 6, 2025 10:34:47 AM

There is no deduction, but there is the Pension income amount (Line 31400). TurboTax will automatically add it to your return if your pension income is eligible. This Canada Revenue Agency (CRA) shows what is eligible: Line 31400 – Pension income amount