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Tracing the origin of a Turbotax calculated Investment Expense input to line 68080 of 2022 CRA tax return
How do I trace the origin of an Investment Expense which appears on line 68080 and 23200 of my tax return?
The $ amount has not been input by me - it appears to be the result of a Turbotax calculation - but what calculation? Is there a way to trace how Turbotax does this calculation?
A $ amount - which has not been input by me - appears on Line 68080 of the T936 E form and ends up being added by Turbotax into the total investment expenses claimed.
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Troubleshooting
Line 698080 -Any other investment expenses claimed in 2022 to earn property income.
Investment expenses claimed on your 2022 return includes;
Other investment expenses Include: • repayments of inducements • repayments of refund interest • the uncollectible portion of proceeds from dispositions of depreciable property (except passenger vehicles that cost more than $30,000 ($34,000 for vehicles acquired in 2022 or later years) and were not, at any time, designated immediate expensing property) • sale of agreement for sale, or mortgage or hypothecary claim included in proceeds of disposition in a previous year under subsection 20(5) • foreign non-business tax under subsections 20(11) and 20(12) • life insurance premiums deducted from property income • capital cost allowance claimed on certified films and videotapes • farming or fishing losses claimed by a non-active partner or a limited partner.
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Troubleshooting
Thank you TurboTax Brenda!
The 'Other Deductions' part of the return identifies the amount as 'foreign tax deduction under Section 20(12)'.
What I need to know, for the CRA, is how the amount is calculated - from which inputs - (presumably T3s and T5s) and the formulae used.
Are you able to shed light on this?
Is there any way of 'getting in to Turbotax' to see this information?
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Troubleshooting
I suggest that you contact our phone support team who can view your screen and assist you further or have someone contact you to go through it with you.
Thank you for choosing TurboTax.
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Troubleshooting
I received a 'review letter' from CRA asking for receipts to prove what the amount for deduction listed on line 68080 is. Does anyone have an answer for how this number was generated? I'm assuming foreign tax of some sort but can't be sure. Any help is much appreciated!
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Troubleshooting
I have received the same thing from Cra. Where does this number come from and i can't seem to figure out how they calculated it or where it came from for line 68080. Any help is appreciated
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Troubleshooting
Can you please let me know if you were using TurboTax Online or TurboTax download version- so that we can assist further?
Thank you for choosing TurboTax.
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Troubleshooting
This calculation is from any investment expenses to earn property income. Can you please confirm if you have property income?
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Troubleshooting
I just got the same thing and can't figure out where the number came from. Please help