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PBourgeois05
Returning Member

Hi, How do I add this text to the RRSP Contribution section."Designated trasnfer of an eligibe income amount".other posts mention that this can be done but i can't see it

 
9 Replies

Hi, How do I add this text to the RRSP Contribution section."Designated trasnfer of an eligibe income amount".other posts mention that this can be done but i can't see it

Are you using TurboTax CD/Download or TurboTax Online?

PBourgeois05
Returning Member

Hi, How do I add this text to the RRSP Contribution section."Designated trasnfer of an eligibe income amount".other posts mention that this can be done but i can't see it

I am using the on line version. In a 2019 post, it said to enter the amount in the RRSP section and specify that it was a designated transfer of an eligible amount. I did not see or prompted to add a comment.

Hi, How do I add this text to the RRSP Contribution section."Designated trasnfer of an eligibe income amount".other posts mention that this can be done but i can't see it

They were referring to TurboTax CD/Download. In TurboTax Online, you just enter your T4 with the amount box 66. Then enter the contribution amount from your eligible retirement allowance that you transferred to your RRSP as an RRSP contribution. It should then show as a transfer on the registered savings plan summary page.

 

PBourgeois05
Returning Member

Hi, How do I add this text to the RRSP Contribution section."Designated trasnfer of an eligibe income amount".other posts mention that this can be done but i can't see it

Since I am retired, I don't have a T4. My RIF was moved to the RRSP.  The contribution to the RRSP is to offset the withdrawal from the RIF.

In this type of transfer you must identify that the amount is a designated transfer of an eligible amount. Where can the be done with the on line version? Thanks

Hi, How do I add this text to the RRSP Contribution section."Designated trasnfer of an eligibe income amount".other posts mention that this can be done but i can't see it

@PBourgeois05 

Enter the income amount in the slip you received it from (T4, T4A, T4RSP, or T4RIF), then enter the transferred amount as an RRSP contribution.

 

TurboTax Online will then recognize this as a transfer will allow the RRSP contribution. If an amount from a RRIF is transferred to an RRSP, the entire amount is reported as income but only the excess amount is deductible. The excess amount is the total amount from the RRIF less the required minimum yearly RRIF payout amount. 

PBourgeois05
Returning Member

Hi, How do I add this text to the RRSP Contribution section."Designated trasnfer of an eligibe income amount".other posts mention that this can be done but i can't see it

thank you. I did enter the T4RIF slip and RRSP receipt as you described. However, the RRSP contribution was not recognized as a transfer and CRA only deducted the remaining allowable amount  in my RRSP.

The difference was added as income which gave me a heart stopping tax bill. How can I review a filed return to confirm that I did this correctly. Thanks

Hi, How do I add this text to the RRSP Contribution section."Designated trasnfer of an eligibe income amount".other posts mention that this can be done but i can't see it

In order to help you with this situation, we believe your best option is to contact our telephone support team for further assistance, as they have the option to view your screen to help resolve the issue. To contact them, please follow this link: Contact Us. When asked if you wish to receive an email say NO then say "speak to a representative" then hold the line.

​​​​​​​Thank you for choosing TurboTax.

PBourgeois05
Returning Member

Hi, How do I add this text to the RRSP Contribution section."Designated trasnfer of an eligibe income amount".other posts mention that this can be done but i can't see it

Excellent. thank you 

Hi, How do I add this text to the RRSP Contribution section."Designated trasnfer of an eligibe income amount".other posts mention that this can be done but i can't see it

You're welcome.

 

Thank you for choosing TurboTax.