topic Re: When will Turbo Tax update the 2024 software? in Troubleshooting

When will Turbo Tax update the 2024 software?

elykFFF — Wed, 05 Feb 2025 20:14:26 GMT

The capital gains inclusion rate from 1/2 to 2/3 from June 25th 2024 is still programmed into this software, yet that situation has been changed. The inclusion rate is now 50% for all of 2024.

When will Turbo Tax be changed to reflect this new situation?

The Loss Worksheet is also in bad shape. When will it be corrected?

Re: When will Turbo Tax update the 2024 software?

TurboTaxAniqua — Wed, 05 Feb 2025 21:57:51 GMT

The issue related to Schedule 3 was reported to our teams. Unfortunately, this is not a situation under our control. At this time, some CRA forms are still being reviewed by them for the 2024 tax season, which could explain why some calculations are not done correctly or do not appear, and this has an effect on other calculation linked to this schedule.

We invite you to contact our product support team by phone, if you think this is not related.

They have access to tools we don't have here in Community, like screenshare, and see the issues to escalate into an investigation if needed.

Thank you for your patience and choosing TurboTax.

Re: When will Turbo Tax update the 2024 software?

milly101 — Thu, 06 Feb 2025 19:23:27 GMT

So for those of us who have capital gains to file in excess of $250K, should wait for software to update?

I sold a property, but Turbotax still calculating as 2/3 for anything above 250K Capital gains

Re: When will Turbo Tax update the 2024 software?

TurboTax_Susan — Thu, 06 Feb 2025 19:50:56 GMT

@milly101 Yes, you should wait. NETFILE for 2024 will not be available until February 24, 2025, so you can't file now. Our development team is working on fixing Schedule 3 and related forms ASAP. In the meantime, if you are trying to estimate your taxes payable, use the old 50% capital gains rate.

Thank you for your patience.

Re: When will Turbo Tax update the 2024 software?

elykFFF — Thu, 06 Feb 2025 20:40:32 GMT

After so many years of using Turbo Tax I am super disappointed this year in all the problems.

People like to start early and use Turbo Tax for planning, but that's not really possible this year, so telling users that it doesn't matter because they can't NETFILE until Feb 24 is a rather poor response.

The capital gains inclusion rate is back to 50%, as it's been for 23 years, so how difficult is it for programmers to do an update? Just use the software from last year - it worked great.

At the very least I would like to see a software update that included a popup telling users that Schedule 3 and Loss Worksheet and T1A, etc., etc., is not working.

Re: When will Turbo Tax update the 2024 software?

TurboTax_Susan — Thu, 06 Feb 2025 22:00:05 GMT

@elykFFF We do understand your frustration, but unfortunately, we have to wait for the CRA to provide us with the forms before we can add/adjust what's in our software. The CRA was late providing us with the original 2024 forms, and then we had to wait as the CRA redid the forms without the new cap gains rate before we could redo our forms. We can't just use the 2023 version of the form, we need to use what the CRA is using, even if the capital gains rate is the same. We also need to test any changes made to the software before we can release them to the public.

As for a warning - one of the reasons why don't allow you to print or save your return to PDF is because forms are often not finalized until NETFILE opens. You get a message telling you this when you try to do either of those things.

Re: When will Turbo Tax update the 2024 software?

FrancisHW — Mon, 03 Mar 2025 15:54:48 GMT

Netfile was open on Feb 24, and when I tried netfile last night Mar 2, I still can't. When will turboxtax get updated so we can file?

Re: When will Turbo Tax update the 2024 software?

Turb0taxer — Mon, 03 Mar 2025 16:58:56 GMT

Same here.

Please share with the community when Netfile will start working

Re: When will Turbo Tax update the 2024 software?

TurboTaxAniqua — Mon, 03 Mar 2025 19:39:50 GMT

@Turb0taxer Please verify that none of the forms you are using are locked: TurboTax FAQ: 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.

We appreciate your patience.

If you are not using any locked forms, we suggest you to contact our Product support team. They have access to tools we don't have here in Community, like screenshare to investigate this issue for you.

Re: When will Turbo Tax update the 2024 software?

Mike M6 — Mon, 03 Mar 2025 22:19:49 GMT

I am reaching out to inquire about the update timeline for Schedule 3 in TurboTax. As you know, CRA’s NetFile service opened on February 24th, yet as of March 3rd, users are still unable to file their returns due to the missing update.

Can you provide a clear timeline on when this issue will be resolved? Many users are ready to submit their tax returns, and the delay is causing unnecessary frustration. A prompt update on this matter would be greatly appreciated.

Re: When will Turbo Tax update the 2024 software?

TurboTaxAniqua — Tue, 04 Mar 2025 14:27:54 GMT

@Mike M6 Schedule 3 is still locked by CRA and not finalized by 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.

When will Turbo Tax update the 2024 software?

adube_tax — Tue, 04 Mar 2025 15:13:46 GMT

According to the CRA, the software company is responsible for the capital gain software updates.

You seem to suggest we are all waiting for CRA? Please clarify.

Thanks

Please note that this information was provided by the software developer. If you find discrepancies in the information provided, please contact the software developer directly. The links are provided for your convenience and are to be used at your own discretion.

<https://www.canada.ca/en/revenue-agency/services/e-services/digital-services-individuals/netfile-overview/certified-software-netfile-program/detailed-information-turbotax.html>

Not supported for the 2024 tax year:

Capital Gains (certification in process)
Electronic transmission of Non-Resident Status Returns – Emigrant Returns
Electronic transmission of Form T1134
Electronic transmission of Special Elections & Returns – Forms T217, T2057, T2059, UHT-2900, and E-Documents
Form T2203 – Provincial and Territorial Taxes - Multiple Jurisdictions
Form T1273 – Limited occurrences of Crop inventory valuation and productive capacity and Livestock inventory valuation
More than 4 Selected Financial Data (SFD) entries per self employment type
More than 3 SFD entries for Principal residence
Form T1198 – Statement of Qualifying Retroactive Lump-Sum Payment (certification in process)

Re: When will Turbo Tax update the 2024 software?

Hamcam — Wed, 05 Mar 2025 18:17:31 GMT

I am waiting to be able to file taxes due to schedule 3 error. Why should this happen when I answer no to capital gains profile question. I would like a refund of this program and use something else. I should not have to wait because an answer of no sits on a schedule.

Re: When will Turbo Tax update the 2024 software?

TurboTaxAniqua — Fri, 07 Mar 2025 16:34:32 GMT

If you are not using Schedule 3.Please try to close any open and unused forms. Select Edit>Forms>Clear Current Form, and then Edit>Forms>Close Unused Forms.

Re: When will Turbo Tax update the 2024 software?

milly101 — Fri, 07 Mar 2025 20:19:52 GMT

Doesn't do anything, I tried that and still errors out because schedule 3 is still in draft from.

What I don't get it is why other tax software have already updated this but not turbo tax. All these headaches because i need to declare $250 of capital gains ... argh!!!

Re: When will Turbo Tax update the 2024 software?

YodaB — Fri, 07 Mar 2025 20:35:18 GMT

It is not possible to netfile with schedule 3 with any software.

Re: When will Turbo Tax update the 2024 software?

TurboTaxAniqua — Sat, 08 Mar 2025 00:51:31 GMT

@milly101 Schedule 3 is still locked by CRA & RQ and not finalized by 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.

Re: When will Turbo Tax update the 2024 software?

Elcee — Sun, 09 Mar 2025 02:36:30 GMT

Totally agree. I have been waiting 2 weeks to complete my taxes. If I had known TurboTax wasn't ready for me to file, I would have used other software. Still might. Kind of disappointing.

Re: When will Turbo Tax update the 2024 software?

YodaB — Sun, 09 Mar 2025 12:32:13 GMT

It is the CRA. It has nothing to do with Turbotax. If you are using a locked form, you can't file at all.

When will Turbo Tax update the 2024 software?

JEEP3 — Sun, 09 Mar 2025 13:21:58 GMT

Schedule 3 - Capital Gain has been updated on the CRA website, and it does correspond to schedule 3 that you have on your software. If you look carefully, both schedule (CRA and TurboTax) still refers to 2 periods (2024/01/01 to 2024/06/24 and 2024/06/25 to 2024/12/31). However, in Part 4 of schedule 3, it adds period 1 and 2 and multiply it by 50% which is the inclusion rate. So, the change has been made to schedule 3 and when I called CRA, they mentioned that there won't be any more updates of schedule 3 considering that they did fix the inclusion rate back to 50%.

In the numerous returns I do for my family, I was able to submit some of them but not the other ones despite the fact that they did not have any capital gains. I believe that you are out of explanations and reasons for not being able to correct this problem in your software.

I have tried 2 other softwares (UFile and Taxtrom) and with both, I was able to submit the same returns that was refused by TurboTax and they used the same schedule 3 that CRA has amended with the 50% inclusion.

This is the last time that I will be using TurboTax despite my usage since 1999.

You need to be honest and admit to your clients that you just can't fix the problem at this point and it has nothing to do with CRA's schedule.