>Under "Enter the Information from Box 24 of
your T4RIF excess amount" The 3 choices are Withdrawal Payment,
Transferred to a RRSP, or Transferred to a RRIF. The T4RIF info is: Box 16, Taxable Amount =
$3,916.14; Box 28, Income Tax Deducted = $681.13; Box 24, Excess Amount = $3,369.78.
This does not answer the question. In which of the 3 places do we put the amount in Box 24?
Not only doesn't it answer the question, the links don't work.
You would pick whichever Box 24 matches your situation. If you didn't transfer the payment to an RRSP or a RRIF, then use the "Withdrawal payment" box.
FYI: The original answer is from 2019.
We are talking about a T4RIF which is a withdrawal by definition I think. The tax payer transferred money from an RRSP into a RIF so that they could withdraw it to use up the $2000 pension deduction. There was no required RIF withdrawal as the tax payer is not 70 yet so the entire amount is an Excess amount. It makes a big difference if the box 24 entry is in "Transferred to RRIF" compared to "Withdrawal payment". A deduction is given for the former but not the later. A clear explanation for the purpose of each of these items is needed because it appears that 2 out of the 3 apply to my tax payer.