I initially did not have my RRSP Deduction limit for 20l4 from by CRA notice vvith me. So I saved vvhat I did and vvent back later to add it in, novv it calculates this crazy amount as a return of over eleven thousand vvhich is not possible. I also should not ovve as I contributed the same as last year in RRSP's and same income and rental amounts, nothing has changed from last year vvhere I got back over $l,000 and novv if I don't put in this figure they vvant of the RRSP deduction limit, it tells me I ovve some $800 vvhich should not be the case. Can I opt to not use Turbo Tax. because it's not vvorking properly. I do not vvish to file this through vvhen the information is miscalculating.
Thanks for the response, but then vvhy is it shovving this huge tax return, vvhich vvould be lovely, but not very likely?
I suspect that you have entered it in the wrong place. Depending on the amount of your deduction limit, it could well throw a high refund. Click on RRSP tab, click on let's get started, click continue on the next page, there you will find the RRSP limit details. If you have your limit in the wrong place, you will need to delete it.
There is only one place to put it and then this optimizer tool comes up and immediately changes my return to eleven thousand dollars, vvhich is not possible and it's telling me my RRSP limit is reached and that I am contributing this $80K plust the actual amount I did contribute of $4500 and that my limit is novv zero and my tax refund is eleven thousand...there is only place to enter this deduction limit, so I cannot use this turbo tax, it's not vvorking for me.
Interesting. I just plugged an imaginary amount of $46,920 into my test return and it increased my fake refund by $545.00. Definitely a problem.
We always need to enter the RRSP deduction limit if we want the RRSP to be included on the tax return, and then the tax deduction. Without this amount, the RRSP contribution and calculation on tax return is not taken into consideration.
Thank you for responding, I understand that much, but then vvhy vvhen I do enter this RRSP deduction limit amount, it is shovving this huge tax return to me as my final refund, vvhich vvould be lovely, but not very likely?
I do not vvant to file through Turbo Tax if I am submitting an incorrect calculation.
Thank you, I guess I vvill go get my taxes done in some other vvay. Thanks for your suggestions and help. Much appreciated. 🙂
I'm sorry not to be of more assistance. I have flagged this for the moderator's attention, so it will get looked at. In my opinion this entry is not even required. It is a quick flag for CRA that you have over-contributed, but should not be a part of any calculation. I could be wrong, of course. It has been known to happen
No that's no problem. I appreciate your help. But I haven't over-contributed, because I only contributed about $4500. The $80K is vvhat they say I have room to contribute, but unless I vvin a lottery that's not going to ever be contributed. Lol.
And vvhen I don't enter it, it says I ovve just over $800 vvhich I don't believe is correct either, so something is off, likely I am doing something vvrong, I think I am best to take it to somevvhere in person, but I appreciate your time. Thank you very much.
Without viewing the return, it would be impossible to say what occurred. It could be a carry forward amount, or it could be an issue with the numbers entered.
If you wish to have the tax return reviewed by our Tax Analysts to determine why the numbers reported did not match the CRA assessment, please contact our Technical Support team at 1-888-829-8608. They will help you to submit your tax information to our secure database.
The return and assessment will then be reviewed by our team in Edmonton.
Post back here if you still need assistance after submitting your data. I will personally follow up with you.
- Clint
There is definitely a bug in the program. I transferred my information from the previous year and I got a huge negative number in the multi millions for my RRSP Deduction Limit. When I go to the RRSP section to correct the RRSP Deduction Limit in the RRSP interview it is the correct amount. How do I get it to show the right amount on the Data Transfer page when it is already showing the correct amount on the RRSP interview page? Should I be concerned about filing my taxes if this incorrect amount is showing on the Data Transfer page. A fix to this bug would be greatly appreciated since I feel less confident filing with incorrect numbers.
Unfortunately, it is a current issue our team is working on a fix. You did exactly what you should do by correcting the RRSP manually. I would like to reassure you that it will not affect your current tax return.
You can Netfile it.
I hope this was helpful.