I'm using the downloaded 2022 Home & Business version of TurboTax. I split my husband's Pension Income. In the Detailed Tax Summary, I can see the split amount added to my income, but my husband's income has not been reduced by that amount. It appears that his tax payable is being calculated on the full pension income vs the reduced amount. Should his pension income not be reduced by he amount I split?
Can you please contact our phone support team at 1-888-829-8608 so that they can view your screen and be sure it has been entered correctly.
If you and your spouse or common-law partner both receive pension income but are in different tax brackets, it might make sense to split your pension income.
The TurboTax Pension Splitting Optimizer automatically calculates the best distribution of your pension income, which can help you and your spouse pay less in taxes. TurboTax uses all the information entered into your tax returns to determine the amount (up to one half) that can be split with your spouse.
You're also shown a comprehensive view of the different ways you can split your pension income, and TurboTax will recommend the best option to optimize your return. The option of choosing the recommendation or picking a different split is entirely up to you.
Note:
Thank you for choosing TurboTax.
I am running into the same situation: the pensions shows up for my wife but is not deducted from my total income. The phone number listed is not available.