It seems the T691 form on AMT has many bugs at this stage. For example, line 99 on Basic Exemption is wrong. It should be $173,205 in stead of $40,000. There are many other places where the numbers are not carried over from other lines. Is an update that would fix T691 coming out soon?
Also, capital gain is not transferred from Schedule 3 to T1 General.
Please contact our phone support so that they can screenshare to see the issues and will be able to escalate it into an investigation if needed.
Please let us know what the result was.
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I'm also seeing problems with AMT T691 calculations in standard desktop edition. Ver 00.01.11 Build 1013068G01. In part 1: line 87 does not carry down to line 95. Line 96 does not subtract line 95 from line 84. ... as far as I can tell.
@Pickering_Resident Please contact our phone support so that they can screenshare to see the issues and will be able to escalate it into an investigation if needed.
Please let us know what the result was.
Thank you for choosing TurboTax.
t691 for 2024 is not out yet so i don't expect turbotax to have it working right until the form officially comes out.
You are correct; there are still a few updates to be completed. These should be completed before you can file your 2024 tax return next month.
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the new update , there is still a bug somewhere on calculation of AMT.
Yes, we are aware that Capital Gains and the T691 forms have not been updated as we are waiting on confirmation from the CRA to have them completed. We will let you know once they have been updated so that you can continue with your return.
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after the last update, around Feb 20th, 2025, my AMT tax went up from before by about 20%. Is this due to the new changes (reversion) of capital gains inclusion rate in the latest update or something else? Maybe the T691 was not calculated properly prior to Feb 20? For example, prior to this date I had an AMT of $4700, and now it shows about $5700. Albeit, the total owing is about the same so maybe the schedule 3 tax went down (or maybe it is related to foreign dividend tax credit on T691?)
@questionsforever we suggest you to visit this link from CRA.
As per CRA, they are working diligently to update their systems to reflect the currently enacted capital gains inclusion rate of one-half. However, this update may not be completed when online filing becomes available on February 24, 2025.
This means, all forms related to, can have some wrong calculations. Some of these forms are completely locked. We're working hard to finalize these forms to align ourselves with CRA requirements.
We apologize for this inconvenient and suggest you to try filing your return later.
Thank you for choosing TurboTax.