Thurs Mar 31 ,2022 - I cannot claim my prior losses (as per Rev Can Assessment) against 2021 gains. The line 25300 connects to a box 13 called "Available pre-1986 net capital loss that can be applied against other income in 2021" which has been calculated by Turbotax to be $0. Of course my Pre-1986 net capital loss is $0. Why is Turbotax calculating that amount instead of calculating "Net Capital Loss that can be applied against other income in 2021".
I believe Turbotax (downloaded version) has a software error that needs to be corrected ASAP so I can offset my Capital Gains against my Capital Losses from 2001-2020. If I override the amount in line 25300, I will not be able to Netfile.
I need a program fix or a workaround so I am able to NetFile a correct return. We have been using TurboTax for years without a problem so hope to get a fast resolution
HELP!
Today Sat April 2 when I signed in, I did an update so I now have the latest version of TurboTax. This problem has not been rectified but it seems to have changed slightly.
When I double click on line 25300 which is still $0 it takes me to the form with my capital losses from prior years but does not identify the field that is being picked up. Before the update it was showing that it was picking the amount from "Available pre-1986 net capital loss that can be applied against other income in 2021."
I have hopes that TurboTax Tech is working on the problem. I may put my net capital losses from prior years in with my Carrying charges and sort it out with Rev Canada after Net Fil'ing. Rev Can may not like this solution.
I am still waiting for a correction from TurboTax but I cannot wait forever. Help!
The solution is that your losses cannot be greater than you gains. So on your Loss worksheet you have to change the Losses to be equal to your capital gains and then Line 25300 will be populated.
I think Turbotax needs to be changed to handle this properly. Because now the losses will not be carried forward properly. You have to get your actual losses carried forward from your Assessment letter from Rev Can each year.
I managed to get help through Turbotax Canada on Facebook. The support rep got me to do the EasyForm where they advised the loss could not be more than the gain.