ABIL

I have a ABIL for 2023 but I don't want to deduct all of it this year, can I just apply some of it and carry forward the rest?

and if so, how do I do this within Turbo Tax

1109

Moderator

Apr 25, 2024 12:21:26 PM

Are you using TurboTax CD/Download or TurboTax Online?

New Member

Apr 25, 2024 1:00:20 PM

I am using turbo tax online. Should it matter?

Moderator

Apr 25, 2024 1:36:56 PM

No. If your ABIL is being entirely used to lower your Net Income, then you can't choose to carry part of it forward.

New Member

Apr 25, 2024 1:46:10 PM

Thanks. But I could elect not to claim my ABIL until next year and for the remaining portion select how much to apply to 2023 or 2022?

Moderator

Apr 25, 2024 2:26:31 PM

You should check with the CRa if you are allowed to do that.

If you are in Canada or the United States, you can call the CRA at 1-800-959-8281. If you are elsewhere, you can call 613-940-8495. This page has more ways to contact the CRA: Contact the Canada Revenue Agency

Why sign in to the Community?

ABIL