Which box #24 for CRA taxes (Excess Amounts - there are 3 box choices) in TurboTax do I enter the amount from box #24 on the T4RIF form?

[daveoreilly]

>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.    

[BABS39]

This does not answer the question.  In which of the 3 places do we put the amount in Box 24?

[GPT1999]

Not only doesn't it answer the question, the links don't work.

[TurboTaxSusan]

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.

[GPT1999]

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.

[TurboTaxGinette]

In this case it sounds like it should be a transfer. If clarification is needed please contact the financial institution who sent the information slip.

Thank you for choosing TurboTax.