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Not doing the income split for capital gains. Still getting the error message. Tried again today with no luck.
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@Hutcheons wrote:Not doing the income split for capital gains. Still getting the error message. Tried again today with no luck.
Make sure the update was actually applied by examining the About Box. For today's update, the About Box should show this version after a successful update:
Before the update, it showed this for me:
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The problem is fixed on the latest update. However to get the latest update you have to uninstall the software and re-install it. It now splits the capital on T3 slips. You have to be a tech to use the software LOL.
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New problem, I was not able to print from the software, saved the PDF file then printed. Filed the returns hopefully no new problems.
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@Garoto wrote:You have to be a tech to use the software LOL.
Yes, it certainly helps! In 30 years of using this software under various product names, I don't recall ever having to uninstall and then reinstall just to apply an update. I've successfully updated TurboTax many times over the years by just applying the update when prompted, without having to do a full uninstall and reinstall.
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Me too, I used the software since the start as well I was a software developer and worked for a CA firm as their main tax guy while I was there. Involved in IT since 1969 (old timer).
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Yes, I had to deinstall & reinstall also this morning. No one tested this I guess (not surprised anymore).
Will netfile tonight/tomorrow, hope no more issues.
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Have the latest version and build number, still have the T3 box 21, 52-53 error.
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I found some posting by TT that they have updated the income tax calculation for Capital Gain inclusion rate - which will remain at 50% for CG under $250,000 for taxation year ended 2024.
With this new information, I did two tests to see if I can overcome the Error Message:
- putting 100% of the value from my T3 slip Box 21--- into Box 52 (before June 25th) and zero in Box 53 (after June 24th). Then checked against Part 4 - Total Capital gains or losses on lines 15 and 22 of the return, and noted 50% inclusive rate was used for this step;
- I did the opposite in this step, Zero value in Box 52 and 100% in Box 53. Then checked the result in Part 4 and found the rate is also 50% and is not at two-thirds.
Therefore, it is safe to say TT have updated box 52 and 53 to use 50% rate. I used step 2 and filed my tax return already.
Cheers.