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?
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
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.
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