The 2017 return was prepared by an accountant using their software, and the 2017 return did not include a Loss worksheet for prior year net capital losses, so there is no record of prior year net capital losses on the Notice of Assessment for 2017. For this reason, I have manually input the prior year capital losses onto the Loss worksheet for 2018. However, Turbo Tax is not transferring an amount from this worksheet to Line 253 (Turbo Tax software bug?).
As long as the software is not working for this link, my alternative would appear to be to manually override Line 253. However, then there is a question of what amount to input. Given that I would like to fulIy offset the taxable capital gain amount in Line 127, and given that the prior year net capital losses exceed the 2018 taxable capital gain amount, should I input the Line 127 amount into Line 253 using the override feature?
If you do not have an amount on your NOA for Net Capital Loss, CRA will not allow you to apply a loss that doesn't exist in their records to your current year tax return. You would have to "adjust" your 2017 tax return to reflect the Capital Loss prior to claiming it on your 2018.
If you do have a Net Capital Loss available to use, there is no need to override Line 253 of your tax return (doing so would make it ineligible for NetFile). You can enter the amount of any losses on the "Loss Worksheet" which you can access in the Forms view of your TurboTax by clicking on the Forms icon and typing in "Loss" as your keyword to search for.
If you do not have an amount on your NOA for Net Capital Loss, CRA will not allow you to apply a loss that doesn't exist in their records to your current year tax return. You would have to "adjust" your 2017 tax return to reflect the Capital Loss prior to claiming it on your 2018.
If you do have a Net Capital Loss available to use, there is no need to override Line 253 of your tax return (doing so would make it ineligible for NetFile). You can enter the amount of any losses on the "Loss Worksheet" which you can access in the Forms view of your TurboTax by clicking on the Forms icon and typing in "Loss" as your keyword to search for.
Having trouble attempting to apply capital losses from prior years to this year's capital gains. Need idiot proof instructions.
@dave-eagles
CD/download version:
Select the find button at the top of your screen, and start typing Cumulative net investment loss, select the required form and complete, as demonstrated below:
Online version: you will need to select Investment on the left-hand side of the page and use the checkboxes to select,
Scroll down to the section CINL carryforward:
Tip: Do you have the latest updates: https://turbotax.community.intuit.ca/community/product-information/help/where-can-i-download-the-cd-...
I have the same problem. The link from Loss worksheet to T1 line 25300 does not work. I tried some of the work arounds given and they were impossible to follow or just plain didn't work. The carry forward loss for my Loss form is shown in 'Balance end of year' column. Line 25300 on the T1 form shows 0.00. When I click on the 'Forms' button at the bottom of the screen, I can scroll up to the 'Loss' worksheet. When i double click on line 25300, i'm routed to Net Capital Losses with the cursor appearing at the last input I had selected on the Loss form. Clicking on the 'Balance end of year' and going back to the T1 sheet doesn't do anything.
I'm replying to my own message. I finally got the form to work correctly. On the Net Capital Losses I entered my 2019 Net Capital Losses in the column 'Claimed in 2020'. the result was that the 'Balance end of year' data box now reports a 0.00 value. Back to T1 line 25300 and my Net Capital Loss in now shown correctly. The key is that you must enter the amount you are claiming in the column 'Claimed in 2020'.
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