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

[tbleaney]

I am having an almost identical problem.  I transferred about $45K from a LIRA (Locked in Retirement Saving Account) to a LIF (Life Income Fund).  I got offsetting T4RIF and Retirement Savings Plan Receipt forms.  The receipt form shows that it for a "transfer under paragraph 60(L)(V)" but TurboTax seems to have no way to show this.  It shows the $45K receipt as an "over contribution" (which is wrong).

[marcnewman55]

Hi I think I can help.  What I did was on the T4LIF screen there is field for an amount transferred in my case it was to an RSP so that may be an issue.  I then entered the transferred amount in the section under RSP that is listed as transfers, I don't think this will work in your case but there is another section under "other deductions" at the very bottom that seems to fit your situation.  I know that based on previous posts I experimented with this and when I entered the transfer amounts here it effectively doubled up, but since you are not transferring to an RRSP that shouldn't be a problem for you.

The RRSP limit never adjusted on mine but before filing I looked at the return and it seemed clearly that 60L was reflected correctly.   Hope this helps.

[Amitofei79]

My husband passed away in 2021, I got both T4(RSP) and contribution slips.  I already entered as you instructed the T4(RSP) in Federal slips and RRSP contribution at the "Contribution made between March 2 and December 31, 2021) in receipts.  I found out that only a small portion amount have been deducted from the net income.  How can I fix the problem as the full amount directly roll over to my RRSP instead of withdrawal.  

[Amitofei79]

Dorothy

thanks a lot for your advice which it worked.  Do we still need to fill in the RRSP under "Receipts" as usual?

[Amitofei79]

Hi, Summerset

you can find "Designated transfer of eligible income amount " in RRSP under Receipts section.  I tried this but it did not reduce the taxable income.  The "Other deductions" seemed to be the only method to solve the problem.

Very frustrated on this too.

[vpirani]

Yes, but what if the surviving spouse is over 71?  The software does not allow an RRSP contribution to be designated for the individual who is over 71.  It now shows her income and the transferred RIF income from her deceased spouse as total income. Where does one indicate that this was a "designated transfer of an eligible amount"?  I do not see it

[TurboTaxSusan]

@vpirani Are you using TurboTax CD/Download or TurboTax Online?

[vpirani]

Turbo tax online, but I think I was able to fix the problem in Other Deductions - we have refiled and we will see what CRA says. Thank you

[SilentX]

I would like to know the answer to this as well.  Would this be considered a "contribution", and if so, if you exceed the contribution limit, is there tax/penalties?

[TurboTaxBrenda]

There have been many questions asked in this thread—what is your question?