# claiming RRSP deduction



## fplan (Feb 20, 2014)

Hi,

I am not able to find how to claim previous year RRSP contribution $$$. I understand RRSP contribution/over contribution/ deduction rules. Here is my situation:

2013 RRSP contribution room 4k ( based on 2012 income)
2013 RRSP contributions ( total 14K)
March1 - Dec 31 = 4k
Jan - Feb ( 2014) = 10k

Filed 2013 return ( march 2014) and claimed 4k as RRSP and 10k carried fwd.

2014 RRSP contribution room 15k ( based on 2013 income)
2014 RRSP contributions ( total 10K)
March1 - Dec 31 = 0
Jan - Feb ( 2015) = 10k

When I checked turbo tax, I am not able to claim more than 10k . I want to claim 12k and carry fwd remaining 8k . any comment.

Regards,


----------



## Eclectic12 (Oct 20, 2010)

Did you import the 2013 return into the 2014 return so that the 2014 return knows about the $10K carried forward?

If not - there will need to be some sort of over-ride to let it know there's $10K available from a previous year.


I'm usually importing the last year's return so that this sort of thing is imported into the current year program.


Cheers


----------



## fplan (Feb 20, 2014)

Yes I imported 2013 details.


----------



## OnlyMyOpinion (Sep 1, 2013)

Then it sounds as if you did not report the $10k contribution you made in Jan-Feb 2014 on your 2013 return? You should have receved a contribution receipt for it and it should have been reported on Schedule 7 of your 2013 taxes even if you did not claim it as a deduction. Then it would have carried forward and shown up when you imported into your 2014 program.
Check also, did it show up on your Notice of Assessment? If not, could it have been late and actually be considered a 'during the remainder of the year' contribution (i.e. after March2014)?


----------



## Eclectic12 (Oct 20, 2010)

The other thing that can be checked is to re-open the 2013 tax return in the 2013 software ... if the schedule 7, line 17 "Your unused RRSP contributions available for carry forward to a future year" does not show the $10K ... that would explain why it wasn't imported into the 2014 return and isn't available.


Cheers


----------



## fplan (Feb 20, 2014)

I did report that 10k on my 2013 return. Its showing in my account ( CRA) online. I am able to see that in turbo tax as unused RRSP contributions . but only problem is I am not able to deduct 12k for this year. Even though I input 12 k as my deduction , after saving its only 10k ( which is contributed in 2015). Thats the main issue.. I am sure many of you might have done this in the past so I want to know.


----------



## Guban (Jul 5, 2011)

Just a guess, but what was your income in 2014? Is it possible that I you only need $10k to bring your taxable income to zero? Is the program trying to prevent you from wasting the remaining $2k deduction?


----------



## fplan (Feb 20, 2014)

my income for 2014 is around 100k. So not allowing to deduct 12k has to do something with software..I am trying with simple tax and see how that goes.


----------



## Eclectic12 (Oct 20, 2010)

fplan said:


> I did report that 10k on my 2013 return. Its showing in my account ( CRA) online.


Fair enough.




fplan said:


> I am able to see that in turbo tax as unused RRSP contributions . but only problem is I am not able to deduct 12k for this year. Even though I input 12 k as my deduction , after saving its only 10k ( which is contributed in 2015).
> 
> That's the main issue ...


So when you look at schedule 7 in TurboTax for the 2014 tax return ... do you see $10K on line 1 "Unused RRSP Contributions: amount B of 'Your 2013 RRSP Deduction Limit' and then on line 3 "Enter the RRSP contributions made Jan to Mar 2015" another $10K?

The year's worth of RRSP contributions should then be summed up on line 4 (should be the 2015 $10K) and then line 5 should add in the Unused $10K from line 1 to end up with $20K as "Total RRSP Contributions".




fplan said:


> ... I am sure many of you might have done this in the past so I want to know.


Both in a tax spreadsheet and in the UFile software.

As I say, as soon as I imported the previous year's return that had the "Unused" amount, when I looked in the current year return at schedule 7, line 1 - it had the correct Unused amount. 

I then proceeded to record the additional RRSP contributions through the interview process and when I checked schedule 7 again, line 1 was the correct unused amount and line 3 had the correct Jan to Mar amount. Line 5 showed the total for these two numbers.


I know it seems picky to go line by line ... but it's the only way I can think of to figure out what is happening in a systematic way.


Otherwise ... you may have to call TurboTax support and have them help you.


Cheers


----------



## fplan (Feb 20, 2014)

Update:

In turbo tax while entering RRSP information there is a section "unused RRSP contribution". here my unused amount is showing. Under that there is a selection to change that amount . If I opt do not change the amount, I am not able to claim that amount in this years return. I selected change that amount option and entered same amount in the box. Now I am able to claim that amount in this years return. weird but worked fine and filed my taxes.


----------

