Income Splitting

[Wallybob]

Can you confirm your system will allow an income splitting for spouses over age 65. Please & thanks.

[Geo123]

Hello Wallybob,

eligible pension income split
The program automatically processes the tax you already paid on the eligible pension income in proportion to the elected split-pension amount.

This result is on : 
Spouse Return : Elected split-pension amount [11600 ]
Family Head Return : Deduction for elected split-pension amount [2100]
 

The calculation can also be viewed in Step 5 of the federal T1032 form, available under the "Tax Return" tab.

To view the optimization and savings for the pension split pleas refer to the report “Report on split-pension income”.  The split is not always optimal at 50%, and this report will show you with and without the allocation.
Report on split-pension income – 2023
 

 

[GLK]

Is there a way to change the amount of income the program chose to split? This year it gave my spouse a higher amount compared to last year and as a result I was not credited with the caregiver amount as usual. I'm wondering if I can experiment with different amounts to see what impact it has on the refund. 

[Geo123]

Hello GLK,

In the section "T4A, T4FHSA, pension and retirement income" >> select Split pension income with spouse "+"

[GLK]

Thanks but that gives the same result as "Let MAXBack Decide" in that the program determines the amount to split. Where can I select a different amount?

Nevermind!! Found it..Thanks!!

[Geo123]

Hello GLK,

You are welcome.