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Komelion
Returning Member

How do I report an Early withdrawal from Canadian RRSP retirement account?

I'm a permanent resident and I'm not yet retired. I just want to know which line that income should be reported on and any other specifics I need to know. Thanks.
2 Replies
Critter-3
Level 15

How do I report an Early withdrawal from Canadian RRSP retirement account?

TurboTax can assist you with entering your Canadian Registered Pension benefits (this feature is not available in TurboTax Free Online)

  1. Select the "Federal Taxes" tab (for the Home & Business edition, select the "Personal" tab)
  2. Select the "Wages & Income" tab, then press “I’ll choose what I work on” (online editions select “Help me add other income” then select “Jump to the full list”)
  3. Scroll down to the "Retirement Plans and Social Security" section then (online editions select “Show more” if needed) then press “Start” or “Update” (online editions “Start or Revisit”) "Canadian Registered Pension Income"
  4. TurboTax will ask you about your Canadian Pension Benefits on a series of screens. Answer the questions on each screen. TurboTax will guide you through what is needed to record your Pension income. Press “Continue” after finishing your entries on each screen until you return to "Canadian Retirement Summary" screen
  5. If you have another pension to enter, press "Add a Canadian Retirement Plan" and answer the questions about the plan(s)
  6. When you are done entering your Canadian Pension Benefits, press "Done" on the "Canadian Retirement Summary" screen

 

Critter-3
Level 15

How do I report an Early withdrawal from Canadian RRSP retirement account?

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