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A bug in Turbotax Premier? Had non-capital loss in 2016. The program drove income to zero rather than apply the loss against income net of non-refundable tax credit.
Is Turbotax Premier working correctly? I had non-capital loss to report in 2016. The program drove my income to zero without utilizing my non-refundable tax credit. I feel the program should have asked how much of my loss to apply against income so that I could use it against income after net of non-refundable tax credit (I could enter different values and see the result). If I were allowed to do that, I could have saved more of the remaining loss to report against the 2017 income.
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Credits and deductions
When claiming non-capital losses from a prior year, turbo tax desktop software will bring you to a screen that allows for your determination of the amount that you wish to claim. It is important to understand that you will be required to review the best possible deduction for your circumstances and (limited to the amount of Loss available) claim the best case deduction. You can use the review screens with turbo tax to verify impacts and outcomes to your tax return.
If a claim in a previous year was not to your best advantage to can ask CRA to amend the tax year return for an adjustment. In the case of Non-Capital Losses they will restore the balance to your carry forward amount.
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Credits and deductions
You can manually enter the amount of non-capital loss you wish to claim within the software. In the Easy Steps preparation use the Losses tab in the left hand menu under "Deductions". If your losses are from 2006 realize that they are about to expire.
If you are in the "Forms" area of Turbo Tax Desktop software use the schedule "Loss Worksheet" to apply the amount of your choice.
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Credits and deductions
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Credits and deductions
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