Solved: Why is TurboTax automatically deducting my RRSP de...

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Why is TurboTax automatically deducting my RRSP deduction limit as a contribution even though I didn't contribute anything this year."

 
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New Member

Why is TurboTax automatically deducting my RRSP deduction limit as a contribution even though I didn't contribute anything this year."

Check to make sure you have it entered in the correct place.  If you are using the online version, click on the RRSP tab, scroll down to RRSP limit.  There is a box where it should be entered.  It should not be anywhere else.

If you are using the installed version, click on easy step in the top menu.  On the left hand side a menu will come up.  Click on RRSP, click on RRSP profile and choose RRSP limit. That box is the only place it should be entered.

If it is still showing as a contribution, you will need to check the other RRSP options to see if it has been entered elsewhere.

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New Member

Why is TurboTax automatically deducting my RRSP deduction limit as a contribution even though I didn't contribute anything this year."

Check to make sure you have it entered in the correct place.  If you are using the online version, click on the RRSP tab, scroll down to RRSP limit.  There is a box where it should be entered.  It should not be anywhere else.

If you are using the installed version, click on easy step in the top menu.  On the left hand side a menu will come up.  Click on RRSP, click on RRSP profile and choose RRSP limit. That box is the only place it should be entered.

If it is still showing as a contribution, you will need to check the other RRSP options to see if it has been entered elsewhere.

View solution in original post

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New Member

Why is TurboTax automatically deducting my RRSP deduction limit as a contribution even though I didn't contribute anything this year."

Is there a possibility that you had unused RRSP contributions from a previous tax year that could not be used as deductions due to the RRSP limit being reached for that tax year, or were there prior year RRSP contributions that you entered but chose not to use as deductions?  It is possible that if so, and you have carried the return forward in TurboTax, that the software is applying these available deductions.  If this situation does not fit your circumstances, you may wish to double check your entries to make sure you haven't accidently told the software that you had available contributions to deduct.

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