When will Turbo Tax update the 2024 software?

[TurboTaxAniqua]

@Mike M6 Schedule 3 is still locked by CRA and not finalized by yet. Please refer to this link Why does TurboTax say my forms are locked or haven't been finalized? 

We do not have any ETA on this yet but as soon a these forms gets finalize we will be updating them in TurboTax for an accurate calculations.

We appreciate your patience.

[adube_tax]

According to the CRA, the software company is responsible for the capital gain software updates.

You seem to suggest we are all waiting for CRA?  Please clarify.

Thanks

Please note that this information was provided by the software developer. If you find discrepancies in the information provided, please contact the software developer directly. The links are provided for your convenience and are to be used at your own discretion.

<https://www.canada.ca/en/revenue-agency/services/e-services/digital-services-individuals/netfile-ov...

Not supported for the 2024 tax year:

• Capital Gains (certification in process)
• Electronic transmission of Non-Resident Status Returns – Emigrant Returns
• Electronic transmission of Form T1134
• Electronic transmission of Special Elections & Returns – Forms T217, T2057, T2059, UHT-2900, and E-Documents
• Form T2203 – Provincial and Territorial Taxes - Multiple Jurisdictions
• Form T1273 – Limited occurrences of Crop inventory valuation and productive capacity and Livestock inventory valuation
• More than 4 Selected Financial Data (SFD) entries per self employment type
• More than 3 SFD entries for Principal residence
• Form T1198 – Statement of Qualifying Retroactive Lump-Sum Payment (certification in process)

[Hamcam]

I am waiting to be able to file taxes due to schedule 3 error. Why should this happen when I answer no to capital gains profile question. I would like a refund of this program and use something else. I should not have to wait because an answer of no sits on a schedule. 

[TurboTaxAniqua]

If you are not using Schedule 3.Please try to close any open and unused forms. Select Edit>Forms>Clear Current Form, and then Edit>Forms>Close Unused Forms. 

[milly101]

Doesn't do anything, I tried that and still errors out because schedule 3 is still in draft from.

What I don't get it is why other tax software have already updated this but not turbo tax. All these headaches because i need to declare $250 of capital gains ... argh!!!

[YodaB]

It is not possible to netfile with schedule 3 with any software.

[TurboTaxAniqua]

@milly101 Schedule 3 is still locked by CRA & RQ and not finalized by yet. Please refer to this link Why does TurboTax say my forms are locked or haven't been finalized? 

We do not have any ETA on this yet but as soon a these forms gets finalize we will be updating them in TurboTax for an accurate calculations.

We appreciate your patience.

[Elcee]

Totally agree.  I have been waiting 2 weeks to complete my taxes.  If I had known TurboTax wasn't ready for me to file, I would have used other software.  Still might.  Kind of disappointing. 

[YodaB]

It is the CRA.  It has nothing to do with Turbotax.  If you are using a locked form, you can't file at all.

[JEEP3]

Schedule 3 - Capital Gain has been updated on the CRA website, and it does correspond to schedule 3 that you have on your software. If you look carefully, both schedule (CRA and TurboTax) still refers to 2 periods (2024/01/01 to 2024/06/24 and 2024/06/25 to 2024/12/31). However, in Part 4 of schedule 3, it adds period 1 and 2 and multiply it by 50% which is the inclusion rate. So, the change has been made to schedule 3 and when I called CRA, they mentioned that there won't be any more updates of schedule 3 considering that they did fix the inclusion rate back to 50%.

In the numerous returns I do for my family, I was able to submit some of them but not the other ones despite the fact that they did not have any capital gains. I believe that you are out of explanations and reasons for not being able to correct this problem in your software.

I have tried 2 other softwares (UFile and Taxtrom) and with both, I was able to submit the same returns that was refused by TurboTax and they used the same schedule 3 that CRA has amended with the 50% inclusion.

This is the last time that I will be using TurboTax despite my usage since 1999.

You need to be honest and admit to your clients that you just can't fix the problem at this point and it has nothing to do with CRA's schedule.