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Netstar
New Member

Double counting security options deduction

I have stock options earnings listed in Box 38 on the T4. The amount listed by my company in box 14 of the T4 (Employment income) already excludes the non-taxable portion of these stock earnings. 

 

Turbotax is re-applying the capital gains deduction on line 24900 of my income tax statement even though it was already excluded from my T4 income. Therefore, it looks like I am getting double credit for the capital gains deduction. My calculated income and resulting taxes is therefore much lower than what it appears it should be. 

 

Is there a flag within the Easystep wizard not to re-apply the deduction? I know I can change it on the Form view but I'd like the program to account for it. 

1 Reply

Double counting security options deduction

If you have it listed on T4, make sure to clear the Schedule 3 to avoid any double entries.