In Feb 2024 I transfered 50% from my LIF to RRSP. Because I did this in Feb, in my 2023 tax return I had to show the RRSP contribution as a carryforward because I received a 2023 RRSP contribution. In 2024 I have a T4RIF and an amount as a carryforward in rrsp contributions that I can designate as an eligible transfer. I am using the online Premier version and I cannot get the system to recognize the carryforward as eligible transfer. I need help. Not sure if there is a bug or not.
How to report the direct transfer between registered plans using Turbotax Online when the RRSP contribution was reported on the prior year return and carried forward as an unused RRSP contribution
T4RIF - enter the amount transferred and reported in box 24 according to the plan the funds were transferred to, in this case you’ll enter the amount transferred in the field labelled “Transferred to an RRSP”. *If you received more income from this RIF that was not transferred directly, you’ll enter the amount in excess of the transfer as a “withdrawal payment".*
In the RRSP profile, check the following boxes:
Confirm the unused RRSP contribution indicated is correct, or select “Yes” to change the amount to match the amount reported on your Notice of Assessment or Reassessment.
If reported as explained above in the T4RIF, the “Transfers to RRSPs” screen will indicate the amount available to transfer as “The amount of eligible income that has automatically calculated as a designated transfer”.
The T4RIF income will report on line 13000, while the deduction resulting from the direct transfer will be found on line 20800.
I did all the data entry as suggested and the end result is that my T4RIF income is on line 11500 Other Pensions and no offset shows up as it thinks I am using my prior year RRSP contributions and will only let me use up to my contribution limit. Therefore it is not recognizing it as an eligible transfer. What do I do next? Is there an update that needs to run, I am using online Premier version.