When will Turbo Tax update the 2024 software?

[elykFFF]

The capital gains inclusion rate from 1/2 to 2/3 from June 25th 2024 is still programmed into this software, yet that situation has been changed. The inclusion rate is now 50% for all of 2024.

When will Turbo Tax be changed to reflect this new situation?

The Loss Worksheet is also in bad shape. When will it be corrected?

[TurboTaxAniqua]

The issue related to Schedule 3 was reported to our teams. Unfortunately, this is not a situation under our control. At this time, some CRA forms are still being reviewed by them for the 2024 tax season, which could explain why some calculations are not done correctly or do not appear, and this has an effect on other calculation linked to this schedule.

We invite you to contact our product support team by phone, if you think this is not related. 

They have access to tools we don't have here in Community, like screenshare, and see the issues to escalate into an investigation if needed.

Thank you for your patience and choosing TurboTax.

[milly101]

So for those of us who have capital gains to file in excess of $250K, should wait for software to update?

I sold a property, but Turbotax still calculating as 2/3 for anything above 250K Capital gains

[TurboTaxSusan]

@milly101 Yes, you should wait. NETFILE for 2024 will not be available until February 24, 2025, so you can't file now. Our development team is working on fixing Schedule 3 and related forms ASAP. In the meantime, if you are trying to estimate your taxes payable, use the old 50% capital gains rate.

Thank you for your patience.

[elykFFF]

After so many years of using Turbo Tax I am super disappointed this year in all the problems.

People like to start early and use Turbo Tax for planning, but that's not really possible this year, so telling users that it doesn't matter because they can't NETFILE until Feb 24 is a rather poor response.

The capital gains inclusion rate is back to 50%, as it's been for 23 years, so how difficult is it for programmers to do an update? Just use the software from last year - it worked great.

At the very least I would like to see a software update that included a popup telling users that Schedule 3 and Loss Worksheet and T1A, etc., etc.,  is not working.

[TurboTaxSusan]

@elykFFF We do understand your frustration, but unfortunately, we have to wait for the CRA to provide us with the forms before we can add/adjust what's in our software. The CRA was late providing us with the original 2024 forms, and then we had to wait as the CRA redid the forms without the new cap gains rate before we could redo our forms. We can't just use the 2023 version of the form, we need to use what the CRA is using, even if the capital gains rate is the same. We also need to test any changes made to the software before we can release them to the public.

As for a warning - one of the reasons why don't allow you to print or save your return to PDF is because forms are often not finalized until NETFILE opens. You get a message telling you this when you try to do either of those things.