Does entering info on form T5008 automatically update Schedule 3 for capital gains? It does not seem to do so on mine.

[TurboTaxJeffrey · Accepted solution]

On the T5008 there is a spot to indicate if the income is a Capital GAin, or Investment income.  In most cases the income is a Capital gain, and if indicated this will be reflected on the Schedule 3.

If the income is indicated as Investment income, this is then reported on the Schedule 4.

[mac319]

I have done that but the gain is not appearing on schedule 3

Where do I see it on the summary?

[TurboTaxSusan]

@mac319 Are you using TurboTax CD/Download or TurboTax Online?

[mac319]

Turbotax online (unfortunately)

[TurboTaxGinette]

You will find it on line 127 - Taxable Capital Gains on your Detailed Tax Summary.

Thank you for choosing TurboTax.

[mac319]

So I am having a lot of problems with this software.

I cannot see T!.

I cannot see a detailed calculation of Fed. and Provincial Tax.

How do I see LIne 127 if I can't see the T!.

Is there something I can do to see at least a draft T!?

Mac

[TurboTaxSusan]

@mac319 

To see a detailed summary of your return using TurboTax Online, click the first arrow below your estimated refund amount in the side panel, then select the option for View detailed tax summary. The Detailed Summary page will appear, giving you line-by-line information regarding your income and credits.

You'll have the option to preview your T1 and other tax forms before you file your return.