It seems these are very challenging entries to make on Turbotax. I transferred funds from a locked in account to an RRSP and got a T4RIF and an RSP contribution form, both of which I entered. The calculations look correct but my existing RRSP room was wiped out. I followed some instructions provided here and entered the transfer amounts under the RRSP transfer section but still nothing changed on my RRSP contribution limit. When I go to other deductions and add the amount there it doubles up the deduction which is clearly incorrect. The instructions Turbo tax keeps sending out from 2019 shows options under the RRSP contribution screen that no longer exist. It would bed helpful if someone Turbotax could review this and give some guidance.
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).
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.
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.
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.