My Notice of Assessment provides a different value than what has been carried forward on Turbotax. I want to be able to netfile but if I override the carryover amount I am told I am not able to Netfile. How do I avoid that and still be able to Netfile?
If you are in the EasyStep view of TurboTax downloaded/installed on your computer follow these steps.
Then you can enter the amount shown on your NOA and complete your entries.
If you are in the EasyStep view of TurboTax downloaded/installed on your computer follow these steps.
Then you can enter the amount shown on your NOA and complete your entries.
Using the EasyStep view I was able to make the change. Thanks.
You can navigate to the page to change your Net Capital Loss by going to Deductions > Losses Profile > Net Capital Loss Carryforward.
When you land on the page titled Net Capital Losses, check the box and continue until you land on the page where you can enter the correct amount from your NOA "Net Capital Loss Carry Forwards"
I don't believe that above applies to Canadian tax returns. Please confirm. On the Canadian tax return, there is no page titled Net Capital Losses
I have attached some screenshots using TurboTax Online Free version.
I am not using the free online version. I have the Standard Turbotax loaded on my computer. I don't see a corresponding page like the one you've shown me. Can you do screen shots from the Standard version? Thanks.
I was able to make a change using the easy forms approach. Thanks
To update/correct the Unused Net Capital Losses amount (per your latest Notice of Assessment(s)) from what was carried forward by Turbo Tax from the previous year's return, and, you are using the forms method for Downloaded Turbo Tax (ie. loaded on your computer);
> open the Loss Worksheet
> go to Net Capital Losses table
> go to Net Capital Losses column
> go to applicable row (in most cases this will be the 2001-2020 (ie. current year))
> revise the amount (it is in black font so it is a field that can be directly edited without impacting Net Filing)
> this will change the subsequent columns accordingly in that row and will update the amount carry forwarded to subsequent years you use Turbo Tax and the carryforward feature
These updates/changes can be required particularly if you filed a T1A Loss Carry Back subsequent to filing your taxes and receiving your initial NofA for the current year. You will then receive a Notice of Reassessement for any of the three past years you applied the T1A and those NofRA(s) will indicate your current Unused Net Capital Loss amount.