Many issues with initial release

[staging2K]

This initial release has many issues.  Capital gains are not showing up in tax summary.  I did a test dividend entry and when I deleted it it changed my taxes owing from $187 to over $4 Million.  Then when i deleted another T5 my taxes owing went up to $ 20 Million!!.  It would only clear by restarting Turbotax.  t also says the TFSA limit for 2024 is $6,500.  Not correct.  It says my OAS amount for the year is too high.  Also not correct.  It is like they are using figures from 2022 or 2023.  Please do an update ASAP.  Final figures can't be trusted right now.

[staging2K]

I have also just realized that Turbotax is using an inclusion rate of 66.67% on gains realized after June 2024 even if the amounts are under $250,000.  The new inclusion rate is only for amounts above 250K (if approved)

[bob2731]

I only got a tax owing number of $13 million. I'm sending my cheque today!

[TurboTaxBrenda]

When you enter your amount, in the box you will see 0.00 Make sure that it was removed when you entered your amount, as this was an issue with another customer. 

Thank you for choosing TurboTax.

[staging2K]

I'm not entirely sure that is the issue.  I have actually started from scratch a few times (deleting the tt24 file and re importing my tt23 file).  The capital gains are showing up in the Schedule 3 and S3 (SUMM) but not in the T1 or 'detailed summary'.  I have also tried entering my T5008's before entering my T5's.  Sometimes the capital gains show correctly BUT if you edit any one of the T5008's or delete one that seems to be when it breaks and resets everything to 0.00.  In previous versions I always did 'test' entries to see how it affects my tax payable and as soon as i deleted a test t5008 everything would recalculate correctly.  There's also an issue with the inclusion rate on the 'Period 2' of the Schedule 3 calculation.  TutboTax is using a 66.67% rate for gains below $250.000.

I think I might take a pause until there is an update in the new year unless i am notified about a fix.

The T5's are also an issue when entries are recalculated.  If you modify or delete one of the T5's in your entries the tax owing in the top right goes berserk.   I had about 187 owing and when I deleted a $500 T5 dividend the taxes owing went up to OVER $4,000,000.  this would recalculate if you closed and reopened TT.  Previous versions would recalculate correctly if you deleted one T5.

Hopefully this can be confirmed by other users.  I will watch out for a patch or program update.

Thanks.