My CRA assessment for 2019 says I have unused investment tax credit from prior years. I can't find anywhere in Turbotax to enter the amount I would like to use this year to reduce my tax payable.
Thank you for choosing TurboTax,
On the left side menu, select "investment tax credit", after you enter your current year's tax credits, it will lead you to the page of "Investment Tax Credit (ITC) Carryback".
You can enter your previous year's investment tax credit to related boxes.
For ITC carryback, will filling out the 2020 ITC box (carryback) complete part E of form T2038 which will then be included in an efiled return? Do I need to do anything else to ensure carryback of unused 2023 ITCs (Turbotax correctly identifies that I have an unused amount that can be carried back in any of the 3 prior years)? Just looking for assurance that this will work as it doesn't change my refund for this year when I complete the box, not sure how to see impact - I'm assuming as long as the 2020 ITC is less than the tax payable in 2020, I will get a separate refund cheque in that amount?
@mbanc Yes, filling out any of the ITC information will generate a T2038 form.
And yes, if you carry back an amount to 2020, the CRA will reassess your 2020 return and send you any additional refund that is owing.