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I withdrew a LIRA do to finan. hardship in 2018 Amount was approx. $7000. The bank withheld taxes.Which line do I report on and how note it was for financial Hardship?

 
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New Member

I withdrew a LIRA do to finan. hardship in 2018 Amount was approx. $7000. The bank withheld taxes.Which line do I report on and how note it was for financial Hardship?

You should receive a T4RSP from your bank for the amount withdrawn and taxes withheld.  This will be recorded under the Income tab and under the T4RSP reporting screen.  Both the taxable amount and the income tax withheld will be reported on this slip.  The situation of financial hardship is what allowed you to take the money out however this is not required to be reported this your income tax.

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Highlighted
New Member

I withdrew a LIRA do to finan. hardship in 2018 Amount was approx. $7000. The bank withheld taxes.Which line do I report on and how note it was for financial Hardship?

You should receive a T4RSP from your bank for the amount withdrawn and taxes withheld.  This will be recorded under the Income tab and under the T4RSP reporting screen.  Both the taxable amount and the income tax withheld will be reported on this slip.  The situation of financial hardship is what allowed you to take the money out however this is not required to be reported this your income tax.

View solution in original post