topic ABIL Form functionality in Troubleshooting

ABIL Form functionality

Jo-AnnM — Sun, 09 Mar 2025 20:15:23 GMT

I have been using the ABIL form for many years to claim the interest paid on a demand loan from quite a few years ago. Up until 2024 this form has allowed me to add the amount in the outlays field which then carried through the calculation further down the form , then auto multiplied by 1/2 and carried through to the T1 general box 21700. It appears for 2024 that the form has changed and my amount wont add and carry through. It only includes amounts entered through a T5013 form which doesn't apply in my situation. Is this perhaps an error in the TurboTax form?

Re: ABIL Form functionality

TurboTaxAniqua — Tue, 11 Mar 2025 19:42:49 GMT

Any ABIL that you claim for 2024 will reduce the capital gains deduction you can claim in 2024 and future years. Lines 21698, 21699 and 21700 – Business investment loss. This is related to Schedule 3.

Schedule 3 is still locked by CRA and not finalized by CRA yet. Please refer to this link Why does TurboTax say my forms are locked or haven't been finalized?

We do not have any ETA on this yet but as soon a these forms gets finalize we will be updating them in TurboTax for an accurate calculations.

We appreciate your patience.

Thank you for choosing TurboTax.

Re: ABIL Form functionality

Jo-AnnM — Wed, 09 Apr 2025 19:21:52 GMT

Just following up. According to another post all 2024 form are unlocked. However I still can't get the loss worksheet to pick up my loss amount and carry through to lines 21698 and or 21699. See screen shot attached.

I don't have any other losses or gains or a T5013 as what it seems to be looking for.

Re: ABIL Form functionality

TurboTaxAniqua — Thu, 17 Apr 2025 14:49:53 GMT

New updates have been released. Has this problem been fixed for you?

Re: ABIL Form functionality

Jo-AnnM — Thu, 17 Apr 2025 15:19:11 GMT

No its still the same. Just to try something, I removed the info I had and closed the form within the file as unused. Saved and closed the return. Went back in and reopened, added the field in question and its still the same as my screenshot provided earlier.

Thanks for following up.

Re: ABIL Form functionality

TurboTaxAniqua — Wed, 23 Apr 2025 22:55:23 GMT

Thank you for providing the update. To resolve this for you, we have scheduled a callback from a product support representative.

Re: ABIL Form functionality

Jo-AnnM — Mon, 28 Apr 2025 18:55:14 GMT

Hello,

Just thought I should update this support query and thanks for expediting to the Turbo Tax support team. With their help we determined that a date was missing under the date disposed field. This is new for 2024 as I had not populated in previous years.

You can close this ticket. Thanks!