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Level 1
posted Mar 8, 2024 5:41:25 PM

In the Quebec return for repayment of an advance on a life insurance policy in Other Quebec Deductions I enter $300 but Quebec Tax Summary Line250 shows $600. Correct?

The program appears to double the original entry in the Other Quebec Deductions page.  This seems curious, but is it correct?

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1 Best answer
Moderator
Mar 11, 2024 11:04:51 AM

Yes, if a deduction can be made both Federally and in Quebec, you would just enter it on the Federal side and it will transfer to the Quebec side.

4 Replies
Moderator
Mar 9, 2024 2:19:48 PM

Are you using TurboTax CD/Download or TurboTax Online?

Level 1
Mar 10, 2024 8:37:55 AM

Thanks.  I'm using TurboTax Online.  On further review I suspect that entering the information into the Canada return for line 23200 also creates an entry in the Quebec return for Line 250, although I wasn't able to verify that except to see the deduction on Line 250 of the Detailed Quebec Tax Summary.  This was after I deleted the entry in Other Quebec Deductions called "Repayment in 2023 of an advance on a life insurance policy".  

Please confirm if this is the correct way to claim repayments on a life insurance policy loan.  We have a letter from the life insurance company confirming the amount.

If this is the correct way, then the line in Other Quebec Deductions of the Quebec return may be redundant, since taxpayers will likely be claiming the deduction in both returns. 

Looking forward to your comments.

Moderator
Mar 11, 2024 11:04:51 AM

Yes, if a deduction can be made both Federally and in Quebec, you would just enter it on the Federal side and it will transfer to the Quebec side.

Level 1
Mar 11, 2024 5:14:38 PM

Thank you.