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T5008 capital loss does Turbo Tax calculate as no change in tax amount when all info. entered on T5008?

With a capital loss indicated on T5008 and it shows on S3 SUPP form but no change in current tax amount when entry completed?

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T5008 capital loss does Turbo Tax calculate as no change in tax amount when all info. entered on T5008?

Your Net Capital Loss amounts will not affect this year's tax return. They will only be applied against any "current year Capital Gains". 

If you have incurred Net Capital Losses and have no gains to apply them against this year, you will be able to "carry back" and apply to any gains from the previous three years. Or they will automatically be "carried forward" and your Notice Of Assessment (NOA) will show how much you have to claim in future years.  

When you do the Review using TurboTax Online, in the Tax Savings Opportunities section, click Explore next to "Any losses not applied to the three preceding years can be carried forward and applied against future years", and then "Applies to me". You can then continue to the page "Net Capital Loss Carrybacks". Here you can see how much of a Net Capital Loss you have incurred and make your choice to carry it back, or forward.

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1 Reply
Moderator

T5008 capital loss does Turbo Tax calculate as no change in tax amount when all info. entered on T5008?

Your Net Capital Loss amounts will not affect this year's tax return. They will only be applied against any "current year Capital Gains". 

If you have incurred Net Capital Losses and have no gains to apply them against this year, you will be able to "carry back" and apply to any gains from the previous three years. Or they will automatically be "carried forward" and your Notice Of Assessment (NOA) will show how much you have to claim in future years.  

When you do the Review using TurboTax Online, in the Tax Savings Opportunities section, click Explore next to "Any losses not applied to the three preceding years can be carried forward and applied against future years", and then "Applies to me". You can then continue to the page "Net Capital Loss Carrybacks". Here you can see how much of a Net Capital Loss you have incurred and make your choice to carry it back, or forward.

View solution in original post