T4RIF Box 16 Values don't match

[CarlS]

My wife and I each received T4RIF's.  We are both under 65.
Both T4RIF's were automatically downloaded from the CRA website into Turbo Tax Premier 2019.

My T4RIF, Box 16 is $13,000
My Wife's T4RIF Box 16 is $20,000
These values are correct in the T-Slips within Quicken.

However, the amount indicated in my Other Income Schedule for T4RIF is $22,000

and the amount indicated in my wife's Other Income Schedule for T4RIF is $11,000

Why does the schedule values not match the Box 16 values on each T4RIF?

[TurboTaxHeba]

If you are using AFR, then the information that CRA has might differ from the information on your slips. You need to review the following:

• You have the same amount of T4RIF slips that CRA has, or at least the total RIFFs you have added to the total from all the RIFFs CRA has for each taxpayer. Sometimes the financial institutions send you one T4RIF slip and send CRA multiple slips for the same income. You need to check you have all the updated slips from your financial institution.

• If the RIFFs income is shared, the information might be transmitted thought AFR with the shared percentage. If one of the slips has two names on it > then you will receive half of the income and your wife will receive the other half (usually 50%).

  If you still have issues after following this process, please contact our support line:  https://support.turbotax.intuit.ca/contact/

I hope this was helpful

[CarlS]

There is one T4RIF solely in my name, and another solely in my wife's name.
The T4RIF's I received from my financial institution match exactly with the AFR download from CRA.

Additionally the T-Slip info for our T4RIF's within TurboTax match both the AFR and my financial institution.
The only thing that doesn't match is the amounts on line 13000 of each of our Tax forms.  I would not normally have noticed this except that I noticed our income summaries didn't seem correct.

As per your response, I'll contact the support line.

Thanks

 

[TurboTaxHeba]

Initially, I thought you were matching the information you have received from the financial institution with the T-slips downloaded from CRA  through AFR.

Reading this new update, I think you have used the split pension optimizer in our software. This optimizer splits eligible pensions between spouses if you file the returns together so you can optimize your refund or amount owing and overall pay less taxes to CRA or get more refunds. 

If you don't wish to use this optimizer > use the Find engine on the top bar:

• if you are using a DeskTop/Download product > search for "Split Your Pension With Your Spouse"
• if you are using an Online Product > search for "Pension Split With your Spouse"
• Answer No to any question "do you want to split your pension" 
• Although you should do this process on the higher RIFF income return, I would cover it on both returns

I hope this was helpful

[CarlS · Accepted solution]

I found my answer.

This is our first year drawing from our RIF's.
My wife's RIF was from my spousal contributions (Box 26 of T4RIF), and I had made contributions in the last 3 years.

I never realized that form T2205 requires her to transfer any RIF income from spousal contributions made in the last 3 yrs to be transferred to my income.

So its, not a Turbo Tax error as I initially thought, but a regulation I was not aware of, and would have planned differently had I known.

Thanks for the help.

Carl