daneshp
Level 1

I reported a capital gain in 2020 using TurboTax Online. I have a capital loss in 2021 that I'd like to apply against my 2020 gain. How is that done with TurboTax online?

Could someone please help provide details on how capital loss carryback can be done using the TurboTax online (web) tool?
‎February 25, 2022 3:56 PM
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lena22sx
Level 4

Getting started

As per Canada Revenue Agency (CRA): To carryback a capital loss, you must complete Form T1A, Request for Loss Carryback.

Complete the following steps:

1. Click on > Deductions > Losses Profile > Request for Loss Carrybacks

2. Select for whom the losses will be claimed > click Continue until you reach the page Net Capital Loss Carrybacks.

3. Choose the amounts you wish to have applied to previous years 

Please visit the following TurboTax FAQ: Where do I report capital gains or losses in TurboTax Online?

Thank you for choosing TurboTax. 

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‎February 26, 2022 5:21 PM
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daneshp
Level 1

Getting started

Thank you for the information. I have a quick follow-up question. My 2020 tax return generated using TurboTax shows the "taxable capital gain" but I don't see any mention of it in my 2020 notice of assessment. I don't see any specific line in the notice of assessment indicating taxable capital gains. Is this expected? Can I simply assume the gain was accurately registered since it shows up in my TurboTax return for 2020 and proceed with the capital gain carry back for 2020?

‎March 5, 2022 4:58 PM
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