topic Re: Can I use capital losses to offset RPP withdrawal in Troubleshooting https://turbotax.community.intuit.ca/community/troubleshooting/discussion/re-can-i-use-capital-losses-to-offset-rpp-withdrawal/01/1755546#M12246 <P>Thank you so much. This is very helpful!</P> Mon, 14 Dec 2020 23:02:07 GMT jrocha83 2020-12-14T23:02:07Z Can I use capital losses to offset RPP withdrawal https://turbotax.community.intuit.ca/community/troubleshooting/discussion/can-i-use-capital-losses-to-offset-rpp-withdrawal/01/1754031#M12238 <P>I recently withdrew from my RPP and was hit with a 30% withholding tax. I understand that this withdrawal will also be subject to taxable income. So I was hoping to get some help with 2 questions.</P><P>&nbsp;</P><P>1) Will the taxed income be for the full amount of the withdrawn RPP before the withholding tax was applied or the amount AFTER the federal tax hit.</P><P>2) If I'm carrying a capital loss from the past couple of years to this tax year. Will I be able to utilize that loss to possibly offset the RPP income?</P><P>&nbsp;</P><P>Any help or guidance would be greatly apprecaited.</P><P>&nbsp;</P><P>Regards,</P><P>JR</P> Fri, 11 Dec 2020 13:34:08 GMT https://turbotax.community.intuit.ca/community/troubleshooting/discussion/can-i-use-capital-losses-to-offset-rpp-withdrawal/01/1754031#M12238 jrocha83 2020-12-11T13:34:08Z Re: Can I use capital losses to offset RPP withdrawal https://turbotax.community.intuit.ca/community/troubleshooting/discussion/re-can-i-use-capital-losses-to-offset-rpp-withdrawal/01/1754046#M12239 <P>Hi, thank you for using Intuit TurboTax Community</P><P>The gross amount of the withdrawal will be included as income, you will receive a tax slip from the institution where the funds were invested. The tax withholding is not the final tax liability as you suggested but will be included in total tax withheld to offset federal and provincial tax owing.</P><P>Capital losses can only be used to offset capital gains, so, they cannot be used to offset other types of income.</P><P>Hope this helps&nbsp;</P> Fri, 11 Dec 2020 14:29:00 GMT https://turbotax.community.intuit.ca/community/troubleshooting/discussion/re-can-i-use-capital-losses-to-offset-rpp-withdrawal/01/1754046#M12239 TurboTax-Duncan 2020-12-11T14:29:00Z Re: Can I use capital losses to offset RPP withdrawal https://turbotax.community.intuit.ca/community/troubleshooting/discussion/re-can-i-use-capital-losses-to-offset-rpp-withdrawal/01/1754728#M12242 <P>Thank you very much for your response.</P><P>&nbsp;</P><P>As a follow up. If my appropriate income tax rate is lower than the withholding tax rate of 30% would this then be reflected in a potential tax return?</P><P>&nbsp;</P><P>Appreciate your patience with my questions. This is fairly new to me.</P><P>&nbsp;</P><P>Cheers,</P><P>JR</P> Sun, 13 Dec 2020 01:11:43 GMT https://turbotax.community.intuit.ca/community/troubleshooting/discussion/re-can-i-use-capital-losses-to-offset-rpp-withdrawal/01/1754728#M12242 jrocha83 2020-12-13T01:11:43Z Re: Can I use capital losses to offset RPP withdrawal https://turbotax.community.intuit.ca/community/troubleshooting/discussion/re-can-i-use-capital-losses-to-offset-rpp-withdrawal/01/1755218#M12244 <P>Hi, thank you for using Intuit TurboTax Community</P><P>The withholding tax rate does not necessarily reflect the actual final tax liability on the T1. If your final tax liability on the T1 is less than your tax withheld, a refund would result. Whether or not the 30% tax withheld was greater then the final average tax rate can only be determined by completing the tax return for the applicable year.</P><P>Hope this helps</P> Mon, 14 Dec 2020 14:58:40 GMT https://turbotax.community.intuit.ca/community/troubleshooting/discussion/re-can-i-use-capital-losses-to-offset-rpp-withdrawal/01/1755218#M12244 TurboTax-Duncan 2020-12-14T14:58:40Z Re: Can I use capital losses to offset RPP withdrawal https://turbotax.community.intuit.ca/community/troubleshooting/discussion/re-can-i-use-capital-losses-to-offset-rpp-withdrawal/01/1755546#M12246 <P>Thank you so much. This is very helpful!</P> Mon, 14 Dec 2020 23:02:07 GMT https://turbotax.community.intuit.ca/community/troubleshooting/discussion/re-can-i-use-capital-losses-to-offset-rpp-withdrawal/01/1755546#M12246 jrocha83 2020-12-14T23:02:07Z
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topic Re: Can I use capital losses to offset RPP withdrawal in Troubleshooting
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<P>I recently withdrew from my RPP and was hit with a 30% withholding tax. I understand that this withdrawal will also be subject to taxable income. So I was hoping to get some help with 2 questions.</P><P>&nbsp;</P><P>1) Will the taxed income be for the full amount of the withdrawn RPP before the withholding tax was applied or the amount AFTER the federal tax hit.</P><P>2) If I'm carrying a capital loss from the past couple of years to this tax year. Will I be able to utilize that loss to possibly offset the RPP income?</P><P>&nbsp;</P><P>Any help or guidance would be greatly apprecaited.</P><P>&nbsp;</P><P>Regards,</P><P>JR</P>
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Re: Can I use capital losses to offset RPP withdrawal
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https://turbotax.community.intuit.ca/community/troubleshooting/discussion/re-can-i-use-capital-losses-to-offset-rpp-withdrawal/01/1754046#M12239
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<P>Hi, thank you for using Intuit TurboTax Community</P><P>The gross amount of the withdrawal will be included as income, you will receive a tax slip from the institution where the funds were invested. The tax withholding is not the final tax liability as you suggested but will be included in total tax withheld to offset federal and provincial tax owing.</P><P>Capital losses can only be used to offset capital gains, so, they cannot be used to offset other types of income.</P><P>Hope this helps&nbsp;</P>
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<dc:date>2020-12-11T14:29:00Z</dc:date>
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Re: Can I use capital losses to offset RPP withdrawal
</title>
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https://turbotax.community.intuit.ca/community/troubleshooting/discussion/re-can-i-use-capital-losses-to-offset-rpp-withdrawal/01/1754728#M12242
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<P>Thank you very much for your response.</P><P>&nbsp;</P><P>As a follow up. If my appropriate income tax rate is lower than the withholding tax rate of 30% would this then be reflected in a potential tax return?</P><P>&nbsp;</P><P>Appreciate your patience with my questions. This is fairly new to me.</P><P>&nbsp;</P><P>Cheers,</P><P>JR</P>
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Re: Can I use capital losses to offset RPP withdrawal
</title>
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https://turbotax.community.intuit.ca/community/troubleshooting/discussion/re-can-i-use-capital-losses-to-offset-rpp-withdrawal/01/1755218#M12244
</link>
<description>
<P>Hi, thank you for using Intuit TurboTax Community</P><P>The withholding tax rate does not necessarily reflect the actual final tax liability on the T1. If your final tax liability on the T1 is less than your tax withheld, a refund would result. Whether or not the 30% tax withheld was greater then the final average tax rate can only be determined by completing the tax return for the applicable year.</P><P>Hope this helps</P>
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<pubDate>Mon, 14 Dec 2020 14:58:40 GMT</pubDate>
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Re: Can I use capital losses to offset RPP withdrawal
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https://turbotax.community.intuit.ca/community/troubleshooting/discussion/re-can-i-use-capital-losses-to-offset-rpp-withdrawal/01/1755546#M12246
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<description><P>Thank you so much. This is very helpful!</P></description>
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