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I have a pension T4RIF ($40K) and so does my wife. ($8K). When I choose to pension split half of my pension, $20K gets added to her return as income, but my pension amount stays the same when looking at the detailed summary. Shouldn't mine go down by $20K?
Also, when I split her $8K pension the optimizer tells me to split $175 and it adds that to my pension. When I split my $40K pension, it tells me to add $2.02 to her return.
Doesn't seem to make sense?
In the Detailed summary of your return, you should see the transferred amount (split pension amount) on your line 21000 and on your wife's detailed summary, on line 11600.
Thank you for choosing TurboTax.
Same here ... I split my higher pension ... Here taxes go up but mine does not go down...
In some situations, splitting pension income is not always recommended. When you split your eligible pension income, it will reduce your income and your taxes.
For your spouse, it's reversed situation. It will increase their income/taxes and, sometimes, may impact certain tax credits/benefits they may be eligible for.
Thank you for choosing TurboTax.
Cynelfin
Level 2
Cynelfin
Level 2
Cynelfin
Level 2
Cynelfin
Level 2
Doug L1
New Member
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