Many issues with initial release

[hqkhan]

Turbo tax was updated couple of days ago. The problem with schedule 3 forms still exits. This is not calculating capital gains and losses correctly.. Also the forms related to these are not populated correctly. The capital gains and losses carry forward are not correctly. 

Also there seems,to issues related to CPP CONTRIBUTION IN SCHELUDE 8. THE BOXES IN RELEVENT BIXRS IF T1 ARE NOT POPULATRD CORRECTKY

WHEN WILL TURNO TAX FIX THESE ISSUES.? WILL IT WORK CORRECYLY BY TAX FILING TINE END OF FEBRUARY

PKEASE PRIVIDE CLEAR ABSWERS.

[brnsdv]

And even after I discussed similar issues with TurboTax Support a couple of weeks ago and they prmomised the next update would correct all of these issues, the new update still has the same problems.  Entering a T5008 on my return makes no difference to my taxes.  According to TurboTax, I can make $100,000,000 by selling securities and I don't have to pay any more tax.  This product is brutal.  This is the worst product TT has ever allowed to be released, and it is a complete embarrassment to their brand.  A number of people need to look for new jobs.

[hqkhan]

I have been pointing out about the issue since December. If CRA has decided that new inclusion rate for capital gains will not be implemented for 2024 tax year then why they have  different schedule 3 for tax year2024 Should it not be the same as the one for tax year 2023. The calculations for capital gains and losses are not correct. Also reporting capital gain and losses does not populate the other relevant forms and boxes correctly. Also the loss work sheet does not calculate the carry forward losses for next year correctly and comes up with weird numbers

Also there is issue with CPP contributing because of new rules and schedule 8 calculated weird number and populated the relevant boxes of Form T1 incorrectly and comes up CPP over payments

Turbo tax must fix these issue before any one can net file the return come end February

Even the agent answering the questions on phone could not provide satisfactory answers so far. Is Turbo tax going to issue update soon. After the last update couple of days ago did fix the problems noted above 

Please respond and resolve these issue do that we can file our return with confidence.

I have been using turbo tax for year. I have never experienced any issues before. The year 2024 turbo tax should not have been released with so many unresolved issues

[JAA7]

I might have solution for you on the T5008 matter.  This is first year I have a T5008 from my investment firm so had to figure this out.  In your T5008, There is a a line "Type of Income", click on that and select "Capital Gains".  I still think Sched 3 is a mess as it is irrelevant if it is before or after June 24th and the whole change is defunct anyway.  The main issue resolves around loss carry forwards, as far as I can tell.

[elykFFF]

Yep, there's definitely an error on the Loss Worksheet in Chart A - Column (F).

I have complained but have been told repeatedly that it's CRA's fault.

The entries in column (F) should be (2 x IR) and not (IR).

The result of the error is the "Net Capital Loss Balance to Carry Forward" in Column E is incorrect.

So that's the error and the fix. Why can't the programmers simply repair it.

[bbigmare]

I am also having ongoing issues with Capital Gains and schedule 3.  

I see that this has been discussed exhaustively.  Turbotax is waiting for CRA to finalize forms?

However I did not see a reply to the issue that Turbo Tax indicates my OAS is too high.  It is not.

When will these issues be addressed?  I check everyday for updates and have not seen one for some time.

[staging2K]

I have had a number of posts in this thread.  Most of the focus has been on the capital gains.  I also had the "OAS is too high" like @bbigmare but I just let that one slip and ignored it.  Small issue compared to the Schedule 3 fiasco.  And like @elykFFF said, the capital gains and Sched 3 have been the same for years.  Why can't they just pull the code module from last year and use it.  I also see I'm not the only person that the program calculated a .01 Capital loss carry forward @questionsforever .  We are less than two weeks from Netfile opening and we can't trust the software in its current state.  I now wonder about the TurboTax "100% accuracy guarantee".  If ALL these issues aren't fixed soon, this could be the end of the product!!

[staging2K]

Maybe we should just file and not worry about it.  With the TurboTax "100% accuracy" guarantee it doesn't matter.  If the CRA reassesses us, then TurboTax will refund us any penalties and interest 😉

[TurboTaxSusan]

We are aware of the outstanding problems and our development team is working to resolve them as soon as possible. We have not been given a resolution date. Once we have any news, we will update this thread.

We thank you for your patience.

[hqkhan]

Will you be able to update before the Netflie time end of February

Please provide clear answers