Hi, I'm hoping the community can help me understand a calculation.
The TurboTax RRSP Worksheet shows that I have an excess of $7000 subject to penalty tax in 2017.
It's calculated as (2017 deduction limit)-(unused RRSP deductions+RRSP contributions in remainder of 2017) In my case, $38000-($33000+$12000) = -$7000.
I contributed $12000 which is less than my 2017 deduction limit, and was planning to carry forward the excess (i.e., the unused RRSP contributions) to 2018. But TurboTax reports that I still have excess amounts. How is this possible?
Thanks in advance, Jim
