What should I do if I have a capital loss on a T5008 slip in TurboTax Online?

by TurboTax• Updated 1 month ago

On your T5008 slip, a capital loss occurs if the amount in box 20 is greater than the amount in box 21 (signalling that the cost or book value associated with the securities transaction is greater than the proceeds of disposition or settlement amount).

If you enter any T5008 slip with a capital loss into TurboTax, you're given a warning when you reach the Review stage. If you're sure that you entered your T5008 amounts correctly, you can ignore the warning. You're also given the option of going back to verify your amounts before continuing with the review.

Steps to remove warning

On the Review: Warnings screen, select Review (next to the message about the T5008).
If you're sure about the accuracy of your T5008 data entries, select Ignore (and the warning process is now over).
To review or amend amounts on your T5008, select Applies to me. You'll be returned to the T5008 - Summary.
For each T5008 slip you've entered, TurboTax displays an amount for box 21. You're given the option to edit any of those amounts by selecting Edit. The T5008 - Securities Transactions screen appears.
Once you verify the amounts and make changes (if necessary), select Done With T5008, then Done With T5008 Slips. You'll be taken back to Review: Warnings.
If you're sure about the accuracy of your T5008 data entries, select Review again, then Ignore.