Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Mar 30, 2024 2:03:11 PM

This does not answer the question. In which of the 3 places do we put the amount in Box 24?

We are talking about a T4RIF which is a withdrawal by definition I think. The tax payer transferred money from an RRSP into a RIF so that they could withdraw it to use up the $2000 pension deduction. There was no required RIF withdrawal as the tax payer is not 70 yet so the entire amount is an Excess amount. It makes a big difference if the box 24 entry is in "Transferred to RRIF" compared to "Withdrawal payment". A deduction is given for the former but not the later. A clear explanation for the purpose of each of these items is needed because it appears that 2 out of the 3 apply to my tax payer.

0 1 1655
1 Replies
Intuit Alumni
Apr 2, 2024 1:01:49 PM

In this case it sounds like it should be a transfer. If clarification is needed please contact the financial institution who sent the information slip.

 

Thank you for choosing TurboTax.