How do I adjust schedule 7 line 24700 on turbo tax

To adjust line 24700 under schedule 7 in TurboTax, you need to follow the steps given below: -

Basically, line 24700 is for withdrawals that have been made from RRSP under HBP (Home Buyer's Plan) or LLP (Lifelong Learning Plan). 

 

For HBP (Home Buyer's Plan): -

• First of all, click on the "RRSP" on the left side of the screen, and under RRSP click on the "Home Buyer's Plan".

• The page named "Home Buyers' Plan (HBP) Profile" will appear, and select "You contributed to your RRSP during the 89-day period, just before you withdrew an amount from that RRSP for the Home Buyers' Plan".

• Click "Continue", and you can enter your amount of withdrawals from the T4RSP slip here.

• Eventually, click on "Continue" to save all information entered.

For LLP (Lifelong Learning Plan): -

• First of all, click on the "RRSP" on the left side of the screen, and under RRSP click on the "Lifelong Learning Plan".

• The page named "Lifelong Learning Plan (LLP) Profile" will appear, and select "Made Lifelong Learning Plan withdrawals in 2021".

• Click "Continue", and you can enter your amount of withdrawals from the T4RSP slip here.

• Eventually, click on "Continue" to save all information entered.

 

For more information on Home Buyer's Plan under RRSP please visit this page of the Canada Revenue Agency: - How to participate in the Home Buyers' Plan (HBP)

 

Here is one more link to the Canada Revenue Agency on Lifelong Learning Plan: - Lifelong Learning Plan (LLP)

 

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