January and February 2020 RRSP contributions
We have unused contributions from Jan and Feb 2020 to be entered on the 2020 returns. There does not appear to be anywhere to enter them on the RRSP entry form? What has changed?
We can help clarify this situation. First, the RRSP contributions made in January/February 2020 belong to your 2019 return under Contributed in the first 60 days of 2020.
Second, you will need to click on RRSP in the left-hand side menu to answer questions about your RRSP like in this image below, in this year's 2020 return.
This year, in your 2020 return, if you wish to receive a deduction for those RRSPs declared but not used in 2019, they will be included in Unused RRSP contributions as indicated in the image below.
For further assistance, please contact our telephone team by following this link: Contact Us form.
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Thank you your response, but did something change on the 2019 return? Jan and Feb never had to be entered for the previous year and could be claimed in the year the deductions were made. These deductions were never included on the 2019 returns and there is no place that I can find in the 2020 Desktop version to enter them? There always used to be.
Adding new RRSP contributions in the first 60 days is not new and is to the taxpayer's advantage. It is common for taxpayers to contribute to their RRSP through the end of February of the current year for a deduction on the previous tax year's return (i.e. contribute in February 2021 for a deduction on a 2020 return). This allows for additional contributions to possibly receive a higher refund.
If further help is needed with this situation, I believe your best option is to contact our telephone support team as they have the option to view your screen to help resolve the issue. To contact us please follow this link: Contact Us form. Once you go through the steps and complete the form, the phone number to speak to a TurboTax agent will appear on the page.
Thank you for your patience.