dhewison
New Member

Where do I put the offset transfer under 60L in turbotax?

My husband passed away last year and his RRSPs have been transferred to me.  I received a T4RSP which goes on line 129, but I also have the 60L transfer receipt to offset that income, where do I report that receipt in Turbotax?

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Sorry for your loss. Here's how to report this transfer in TurboTax.

When a spouse passes away and their RRSP or RRIF is transferred to the surviving spouse, you should have two tax slips - a T4RSP or a T4RIF showing a withdrawal amount, then a corresponding "Contribution Slip" (or receipt) showing the direct transfer which is exempt due to subparagraph 60(l)(v). Both these slips need to be reported on the tax return of the surviving spouse. 

Report the T4RSP or T4RIF as income (Income > Tax Slips > choose the slip you have then proceed to that screen and enter the corresponding boxes) . The Total Income will reflect the amount of the transfer, but do not worry, this amount will be deducted in the next section to arrive at the Net Income.

Then enter the RRSP or RRIF receipt as an "RRSP Contribution" in the RRSP Profile section. You need to specify on the RRSP Contribution screen that this was a "designated transfer of on eligible income amount".

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LeeBreLee
New Member

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How do you do this using Turbotax online product? I unfortunately purchased this instead of the CD download version which you can override. Now stuck with the online which is NOT a very good product.

 

Ive been online with Turbotax talking to to 3 different individuals and they say its not possible to have a line 20800 deduction. 

 

I have a T4RSP box 18 RRSP refund due to death of spouse. I have  a tax deduction receipt under 60L(V). 

 

Turbotax solution is to deduct as an "Other Deduction" which unfortunately is an after Net Income deduction. 

 

Can you help?

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Do you need RRSP Contribution Room do to an RRSP Transfer under subsection 60 (1)??

 

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What line on the tax return will the RRSP Receipt for the Transfer under subsection 60 (1) appear on??

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While this is a good start, the response is incomplete.  For example, when transferring a RRIF does one input as an RSP contribution?   If so, Quicken will not accept unless there is a limit.  (For RIF transfers there are no RSP limits) so how to apply?  Also There is a line called "Is thsis RSP contribution a designated transfer of eligible income amount"  The Turboxtax help notes suggests to use this however it doesn't remove the income that was previously grossed up.  So should one use the Contributions input box instead?  Also there is nothing on Turbotax that enables one to input explanation 60 (L) transfer so guidance to do that is confusing.

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The correct method is to put it under "other deductions" which is line 23200 in the tax return form. To do this in Turbo Tax you have to go through a number of steps: got Personal Tax Profile under MyInfo; select Other Credits and Deductions; select Other Deductions, scroll to the bottom and select "I had other deductions not covered above"  When you get to appropriate section where the information is enter you need to fill in the box with the explanation of what it is.

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Thanks.  This makes sense to me as the right way to do this.  Thank you.

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I just got off a very frustrating phone call with TurboTax help.  Turbo tax is not allowing me to properly deduct the contribution receipt that was provided to offset the Box 18 amount on the T4RSP, due to a spouse's death.

 

TurboTax default is to carry forward any amount over and above current RSP room.  Well, my mother has $6K in RRSP room but has a $126K RSP contribution receipt to offset the $126K on the T4RSP. 

 

Previous answers indicate to check the box that specifies that this was a "Designated Transfer of an Eligible Amount."  But THERE IS NO BOX TO CHECK!

 

There is a work-around answer later in this help which I've copied & pasted below.  I guess this is what I will have to do, however, it stuns me that TurboTax does  not have an actual solution to this.  I feel concern that CRA is not going to like the workaround below and risk an audit.  I am also terribly concerned that TurboTax help seemed to have no idea what I was talking about and could not help me in any way.  

 

The correct method is to put it under "other deductions" which is line 23200 in the tax return form. To do this in Turbo Tax you have to go through a number of steps: got Personal Tax Profile under MyInfo; select Other Credits and Deductions; select Other Deductions, scroll to the bottom and select "I had other deductions not covered above"  When you get to appropriate section where the information is enter you need to fill in the box with the explanation of what it is.

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It seems these are very challenging entries to make on Turbotax.  I transferred funds from a locked in account to an RRSP and got a T4RIF and an RSP contribution form, both of which I entered.  The calculations look correct but my existing RRSP room was wiped out.  I followed some instructions provided here and entered the transfer amounts under the RRSP transfer section but still nothing changed on my RRSP contribution limit.   When I go to other deductions and add the amount there it doubles up the deduction which is clearly incorrect.   The instructions Turbo tax keeps sending out from 2019 shows options under the RRSP contribution screen that no longer exist.  It would bed helpful if someone Turbotax could review this and give some guidance.