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.

[TurboTaxBrenda]

With that said, then that isn't the issue in your case. We will look at this issue; we may need you to contact our phone support so that they can view your screen and escalate this issue to get it resolved.

Thank you for choosing TurboTax.

[JAA7]

Using Forms. Schedule 3 Part 5 "Amount A" not receiving capital gains amount from Part 4 "A" for capital gains inclusion calculation.  Results in Capital Gains inclusion of zero.  Also graphical display summary very very buggy.  

[stormo5]

Same issues as described on the capital gains glitches.

I have the 2023 version in 2024  mode and it will add capital gains to income and calculate the correct amount (for 2023).

However in the 2024 version it adds some tax owing to my wife's return (not correctly) but not on mine at all when I put in the exact same T5008 info. The problem is the on the schedule 3 where it does not automatically carry down the amounts to the boxes which split up the CG's to 50% & 66%. Since these are calculated values we're unable to override this. I was trying to figure out how much tax I had to submit before year end but will have to rely on the old 2023 version in 2024 mode to guess this amount. Please advise if I'm missing something - thx.

[Refund123]

Me too, I am reporting capital gains, but whether I report them through slips or directly on the Schedule 3, and result is $0 capital gains income included in my net income. Trying to use this for tax planning and was waiting for a couple of weeks, but still no updates for this..... 

[staging2K]

It's apparent this isn't isolated just to me.  I am hoping for an update before the end of the year but previous versions don't normally see an update until sometime in January.  Has anyone else had similar issues to me with T5 slips (in particular, slips with dividend income)?  If you delete a T5 the tax owing goes totally sideways.  In a test, I have taxes owing of $197 and when I delete one of my T5's I all of a sudden owe over $30K.  Delete another one and I owe MILLIONS in tax.  In previous versions I used to do 'what if' tests and as soon as you delete a T-slip the program recalculates immediately.  I can say that if you exit and restart TT the T5 issues seem to correct themselves.  This initial version should have been beta tested more before release.  Even small things like the courtesy notes about RRSP's and TFSA's are not correct.  This version says TFSA contribution limit for 2025 is $6,500 and the actual limit of $7,000 was officially announced in November.  It concerns me that more bugs might be uncovered as more people start working on their taxes. I'm also trying to do tax planning and right now can't rely on the summaries I see.