My wife withdrew $2000.00 from her RSP and $200.00 was withheld for income tax. However, in the T4RSP slip received, only lines 22 ($2000.000) and 30 ($200.00) contain a value. Line 40 is blank, although $200.00 was paid in income tax.
When these amounts (2 boxes) are filled in Turbo tax, the resulting Summary shows $0.00.
Why and is this correct?
Thank you in advance for any answers.
The Box 40 – Tax-paid amount in the T4RSP slip is only entered under certain conditions (it would not apply to you based on the explanation you have given) and it would represent a tax-paid amount paid to certain beneficiaries from a trusteed RRSP. The legal representative needs this amount to determine the amount to report on the deceased RRSP annuitant’s final tax return.
The Box 40 – Tax-paid amount in the T4RSP slip is only entered under certain conditions (it would not apply to you based on the explanation you have given) and it would represent a tax-paid amount paid to certain beneficiaries from a trusteed RRSP. The legal representative needs this amount to determine the amount to report on the deceased RRSP annuitant’s final tax return.