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Why is line 40 on a T4RSP blank when there is a value in line 30?

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.

1 Best answer

Accepted Solutions

Why is line 40 on a T4RSP blank when there is a value in line 30?

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.

As a result, only line 22, RRSP income received and line 30, income tax paid amounts would be used to report the RRSP income and the tax deducted on that income for purposes of your 2017 tax filing. 

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2 Replies

Why is line 40 on a T4RSP blank when there is a value in line 30?

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.

As a result, only line 22, RRSP income received and line 30, income tax paid amounts would be used to report the RRSP income and the tax deducted on that income for purposes of your 2017 tax filing. 

Why is line 40 on a T4RSP blank when there is a value in line 30?

Thank you. This is the information needed by neophytes the income tax world.