Income tax on UK work pension
I started receiving UK work pension last year with a lump sum and now monthly payments and I am wondering if there are any tax benefits that could be claimed to reduce tax owed on this, so is it worth getting an accountant/tax specialist to do my taxes or is there no financial benefit to doing this and I do my own taxes as usual, what's other peoples experiences?
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Re: Income tax on UK work pension
Originally Posted by armando63
(Post 13240983)
I started receiving UK work pension last year with a lump sum and now monthly payments and I am wondering if there are any tax benefits that could be claimed to reduce tax owed on this, so is it worth getting an accountant/tax specialist to do my taxes or is there no financial benefit to doing this and I do my own taxes as usual, what's other peoples experiences?
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Re: Income tax on UK work pension
Originally Posted by armando63
(Post 13240983)
I started receiving UK work pension last year with a lump sum and now monthly payments and I am wondering if there are any tax benefits that could be claimed to reduce tax owed on this, so is it worth getting an accountant/tax specialist to do my taxes or is there no financial benefit to doing this and I do my own taxes as usual, what's other peoples experiences?
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Re: Income tax on UK work pension
Both lump sum and monthly payments were not taxed in UK,
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Re: Income tax on UK work pension
Originally Posted by armando63
(Post 13240983)
I started receiving UK work pension last year with a lump sum and now monthly payments and I am wondering if there are any tax benefits that could be claimed to reduce tax owed on this, so is it worth getting an accountant/tax specialist to do my taxes or is there no financial benefit to doing this and I do my own taxes as usual, what's other peoples experiences?
Originally Posted by JonboyE
(Post 13241108)
You may be able to claim a pension income tax credit. It it $2,000 on line 31400 of the federal return (at 15% so worth $300). You will have to check what your province allows.
But then looking at the previous year's tax return, it's already accounted for and doesn't need claiming as such. I was already entering income details for an oversees pension so it includes that $2000 in the calculation, just as it includes the age tax credit. |
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