Hi, How do I add this text to the RRSP Contribution section."Designated trasnfer of an eligibe income amount".other posts mention that this can be done but i can't see it

Forum|Forum|1 year ago
April 20, 2024
2 replies
0 views

No text available

TurboTaxSusan

Are you using TurboTax CD/Download or TurboTax Online?

PBourgeois05Author

I am using the on line version. In a 2019 post, it said to enter the amount in the RRSP section and specify that it was a designated transfer of an eligible amount. I did not see or prompted to add a comment.

TurboTaxSusan

They were referring to TurboTax CD/Download. In TurboTax Online, you just enter your T4 with the amount box 66. Then enter the contribution amount from your eligible retirement allowance that you transferred to your RRSP as an RRSP contribution. It should then show as a transfer on the registered savings plan summary page.

PBourgeois05Author

Since I am retired, I don't have a T4. My RIF was moved to the RRSP. The contribution to the RRSP is to offset the withdrawal from the RIF.

In this type of transfer you must identify that the amount is a designated transfer of an eligible amount. Where can the be done with the on line version? Thanks

TurboTaxSusan

@PBourgeois05

Enter the income amount in the slip you received it from (T4, T4A, T4RSP, or T4RIF), then enter the transferred amount as an RRSP contribution.

TurboTax Online will then recognize this as a transfer will allow the RRSP contribution. If an amount from a RRIF is transferred to an RRSP, the entire amount is reported as income but only the excess amount is deductible. The excess amount is the total amount from the RRIF less the required minimum yearly RRIF payout amount.