New Quebec pensioner, suddenly owe a fortune

Forum|Forum|3 years ago
December 20, 2022
1 reply
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I retired at the end of 2021 but continued to work part-time since, pulling in about 50% of my past salary and supplementing it with pension -- total combined income is about the same as prior years. When I enter my employment data I get a refund (consistent with past years), but the moment I enter my pension I suddenly owe over 10k, despite my pension being taxed at source at 24%. I paid about 15k taxes on a pension of 61k, am trying to understand why TurboTax now says I owe another 10k on top of that. I've gone over the slips and have entered all the applicable taxes/deductions.

Could it be the forms might still be in flux? It seems to work normally when I enter non-pension data.

Best answer by BrendaW-US

Yes, it is possible that a specific one is still locked by the CRA. You can't file or print your return until February 21st, 2023 by then we are hoping that the majority will all be available. When you go back to your return next year you may see a difference and if there is an issue we can at that time try to duplicate your issue.

Thank you for your patience and for choosing TurboTax.

BrendaW-USAnswer

Thank you for your patience and for choosing TurboTax.

Mike_StAuthor

Thanks. I've noticed that when I enter the same pension amount as employment income instead, I get a 2k refund (in line with expectations) -- but when I enter it as pension on a T4A slip, it turns into a 10k amount owing. This despite the same amount of taxes deducted for both.

I get a feeling I'm missing something but can't put my finger on it. I've tried Easy Step but it hasn't flagged anything.