Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 

In my student summary it shows that I have $4276.90 that I can carry forward to future years. Why can I not transfer that amount to my parent?

 
1 Best answer

Accepted Solutions

In my student summary it shows that I have $4276.90 that I can carry forward to future years. Why can I not transfer that amount to my parent?

TurboTax is calculating this correctly. You are unable to transfer any tuition amounts as you have needed to use $5,142 on your own tax return, as per the CRA rules. 

  • The maximum amount you can transfer of "current year tuition credits" is $5,000. (If the tuition was a carry forward amount, you cannot transfer it).
  • Any tuition credits used by you to reduce your own tax payable to zero, are subtracted from the amount you are able to transfer. For example: If you needed $5,000 to reduce your own tax payable to zero, the amount of tuition available to transfer would be zero.

View solution in original post

6 Replies

In my student summary it shows that I have $4276.90 that I can carry forward to future years. Why can I not transfer that amount to my parent?

Attn: Turbo Tax Kim.  Tuition credits are for the current year, the student summary says amount available to carry forward to future years is 4276.90.  but Turbo tax system has it zero'ed out and it won't let me enter anything but 0.00.

In my student summary it shows that I have $4276.90 that I can carry forward to future years. Why can I not transfer that amount to my parent?

Attn: Turbo Tax Kim.  Tuition credits are for the current year, the student summary says amount available to carry forward to future years is 4276.90.  but Turbo tax system has it zero'ed out and it won't let me enter anything but 0.00.

In my student summary it shows that I have $4276.90 that I can carry forward to future years. Why can I not transfer that amount to my parent?

@doreenmoffatt As it's very hard to tell why this is happening without seeing the actual return, is it possible you send us a screen shot of the Student Summary page? Or give us more details please? Which Province are you in?

In my student summary it shows that I have $4276.90 that I can carry forward to future years. Why can I not transfer that amount to my parent?

I am in Nova Scotia.  

Student Summary
Federal
Unused tuition and education amounts from previous years
0.00
2018 total tuition fees
9,342.00
SubTotal
9,342.00
Amount claimed in 2018
5,142.10
Maximum amount available to transfer
0.00
Amount transferred to another individual
0.00
Amount available to carry forward to future years
4,199.90
Provincial
Unused tuition and education amounts from previous years
0.00
2018 total tuition fees
9,342.00
2018 total education amount
1,600.00
SubTotal
10,942.00
Amount claimed in 2018
6,665.10
Maximum amount available to transfer
0.00
Amount transferred to another individual
0.00
Amount available to carry forward to future years
4,276.90




In my student summary it shows that I have $4276.90 that I can carry forward to future years. Why can I not transfer that amount to my parent?

TurboTax is calculating this correctly. You are unable to transfer any tuition amounts as you have needed to use $5,142 on your own tax return, as per the CRA rules. 

  • The maximum amount you can transfer of "current year tuition credits" is $5,000. (If the tuition was a carry forward amount, you cannot transfer it).
  • Any tuition credits used by you to reduce your own tax payable to zero, are subtracted from the amount you are able to transfer. For example: If you needed $5,000 to reduce your own tax payable to zero, the amount of tuition available to transfer would be zero.

In my student summary it shows that I have $4276.90 that I can carry forward to future years. Why can I not transfer that amount to my parent?

If your Tuition Credits are from the current year, you can transfer any amounts that say "available for carryforward". (IE: you had a T2202A reported on your current year tax return)

However, if that tuition has already been "carried forward", (was claimed in previous years and shown on your NOA as "available tuition credits to claim") and is not from the current year, you are unable to transfer it. It will continue to be carried forward and CRA will automatically apply it to your tax return in the first year you need to use it.

https://turbotax.community.intuit.ca/replies/2647970