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.
@pleinjeu Line 66 of T691 source is line 22100.
This form is needed to calculate your Minimum tax carryover, and most carrying charges from line 22100 on certain investments (like interest expenses), are part of this calculation. If you need more details about this form, we invite you to consult this link:
Line 40427 – Minimum tax carryover
Thank you for choosing TurboTax.
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.
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.
The latest Turbotax update around March 18, 2025 has broken the T691 AMT calculation that was actually correct before. My amt went from 6360 to 2800. Line 67924 - financing expense is also blank, although line 22100 is not. This field should be auto-populated under 'Non-Deductible Property Expenses' -> 'Interest expenses on money borrowed to earn income ' . It shows 0.00 even though line 22100 has a positive value. Why was the line passed through to T691 prior to this last update?
@questionsforever We had a new update, which should have fixed the issue. Is it working for you now?
If I am to understand correctly, one does not need to make any changes manually to the T691 if they entered their data in the T-SLIP panel. For example, if one entered in the receipts->paid to earn inv. income (interest expense) and it seems to not flow through to the T691 as it is fully deductible against AMT? Prior to the March 18 or so update, am I to understand that it was incorrectly considered 50% deductible against AMT but now that it is netfiled certified we see that money borrowed to earn investment income is not 50% deductible for AMT purposes?
It is not showing on the T691 because it is used to calculate line 2210—you will see this on your T1
The calculation is being done properly.
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I was confused because prior to this latest update it was not calculated properly, I can confirm the AMT form was adding this item from the receipts t-slip entry, but it seems corrected now.
@mickdg72 We are aware of this issue, and our development team is working on a resolution. Once it is resolved, we will update you in this thread. We appreciate your patience.
I called Turbotax this evening and was advised that there was no known issue related to T691! They advise me to clear all the forms and re do them (which obviously didn’t work).
is there going to be an update?? I’ve been using Turbotax for decades, this is truly disappointing and many wasted hours.
@versi1 Your frustration is understandable. This will be resolved by April 14th. Thank you for your patience.
Have all the issues for T691 been resolved by April 14? Is Version 00.01.73 Build 7007 068G26 the most current and free of bugs as far as T691 is concerned?
@pleinjeu Line 66 of T691 source is line 22100.
This form is needed to calculate your Minimum tax carryover, and most carrying charges from line 22100 on certain investments (like interest expenses), are part of this calculation. If you need more details about this form, we invite you to consult this link:
Line 40427 – Minimum tax carryover
Thank you for choosing TurboTax.