Troubleshooting

@cyan Thank you for providing the information.

 

On the Losses screen, at the right bottom of the software, can you click "Show Form" and review if the amounts recorded in the form match your entry?

 

 Show Form.png

cyan
New Member

Troubleshooting

the information has been recorded at right place.

 

showform.png

Troubleshooting

Hi @cyan , please also review your Quebec income (as reported on your TP1) because it might not be the same as your federal income (on your T1). If there's a difference, make sure the non-capital loss you claim under  Quebec column doesn't exceed your TP1 income. It's perfectly normal to have different carryforward amounts for federal and Quebec tax purposes. 

cyan
New Member

Troubleshooting

Thanks Jessica for quick reply.

 

I have checked both Quebec form and income, both seems good as well, however Turbotax complain this is an error needed to be fixed.

 

quebecincome.pngquebec_show.png

Troubleshooting

Hi @cyan , 

 

Without specific information about your tax return, it's challenging to determine the precise reason for the issue.

 

However, from a general tax-planning perspective, if claiming the credit doesn't decrease your current tax liability, it could be beneficial to defer the credit for use in future years. TurboTax will automatically transfer any unused non-capital losses to future years (see the "Transfer to 2025 Summary" section under REVIEW).

 

For information on the duration of carry-forward periods, please check the CRA's website: Line 25200 – Non-capital losses of other years .