I have T5008 forms for a joint account showing a capital gain. I want to split this with my spouse. The community help says this must be done manually on the download version of TurboTax. But there is no hint on how to do this manual split.
For each amount you see on the T5008, you need to divide it by two (on a piece of paper, in a spreadsheet, etc.).
Then, enter the divided amounts on each of your returns.
So, according to your explanation then, for each and every line of transactions (and there are a hundred or more lines for ‘sell’) on our 50/50 joint T5008, we have to halve all the data, then enter the divided amounts in each T5008 return box? The Proceeds? The Book cost? The Loss or Gain amounts? The Numbers of Sold items? We’ve got six full pages on just one T5008. And what do we enter then in the % box? TT won’t accept until the % box has an entered qty.
Why does this need to be done manually? I am paying for TurboTax and it should do it. Is that not why we pay for Turbo?
That was in 2019. When you enter your T5008 slip on the bottom it now asks Enter percentage of slip to claim on your spouse's tax return (if applicable). Once you enter the percentage it calculates it for you. Make sure both names are on the T5008 slip if its 50% each.
Thank you for choosing TurboTax.