I'm trying to verify that TurboTax calculates the imported Questrade T5008 slips correctly (with the Cost Base value Box 20) to make sure the software isn't over-calculating gains.
In the Income Summary in Turbo Tax, I see the sum of the dispositions (box 21) under the Investments line, but I don't see the corresponding deductions (box 20) anywhere else in the software, or in the losses summary. From what I can see, it appears as if the dispositions were accounted, but not the cost base.
Does anyone else use Turbo Tax? Do I just "trust" that this is right or do I have to manually enter the slips using the adjusted gain (i.e. disposition less cost base).
Thank you in advance for any help, it's my first time trying to do this
To see a detailed summary of your return using TurboTax Online, click the first arrow below your estimated refund amount in the side panel, then select the option for View detailed tax summary. The Detailed Summary page will appear, giving you line-by-line information regarding your income and credits.
You'll also have the option to preview your T1 and other tax forms before you file your return.
Thank you - I saw this, however it is not detailed. Can you confirm where the totals of box 20 of the t5008 are visible in the return or in the software? (i.e. so where they are written to roll up into line 43700). You cannot actually see what goes into this line in the interface.
Can you confirm that box 20 does for sure get into the 43700 total income tax deducted?
In order to help you with this situation, we believe your best option is to contact our telephone support team for further assistance, as they have the option to view your screen to guide you with your entries. To contact them, please follow this link: Contact Us. When asked if you wish to receive an email say NO then say "speak to a representative" then hold the line.
Thank you for choosing TurboTax.