I withdrew soom money from my RRIF and immediately deposited it into my self directed RRSP . My banking institute issued a T4RIF for the withdrawal and a contribution slip with the comments "Pursuant to section 60L(V)" for the amount that was transferred into my Self directed RRSP. How do I enter this using Turbo Tax? What version of Turbo tax do I need?
You will enter the T4RIF slip under the "Income" tab > "T-slips" > "T4RIF" add new.
Then under the "RRSP" tab > select "RRSP Profile" and check boxes for "contributions to an RRSP" and "Transfer". Proceed through the prompts and provide your contribution amount. You will then reach the "Transfer" screen and your contribution should indicate as qualifying.
Verify the offsetting income and deduction by visiting the detailed federal tax summary under the "Review" tab > "Bottom Line (tax summaries)" look for the paper and magnifying glass icon in the lower left and choose "detailed tax summary".
You will enter the T4RIF slip under the "Income" tab > "T-slips" > "T4RIF" add new.
Then under the "RRSP" tab > select "RRSP Profile" and check boxes for "contributions to an RRSP" and "Transfer". Proceed through the prompts and provide your contribution amount. You will then reach the "Transfer" screen and your contribution should indicate as qualifying.
Verify the offsetting income and deduction by visiting the detailed federal tax summary under the "Review" tab > "Bottom Line (tax summaries)" look for the paper and magnifying glass icon in the lower left and choose "detailed tax summary".