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. 

Credits and deductions

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