What does "unused contributions made prior to 2018...
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What does "unused contributions made prior to 2018" mean in the RRSP worksheet?

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

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