I am doing my mothers taxes and she has a T3 capital gain in box 21.
When I enter in boxes 52 and 53 ( which total BOX 21) the amount of tax owing goes up significantly.
I was under the impression that boxes 52 and 53 were included in box 21, and should not increase taxes owed if the dollar values are present. It looks like TurboTax isn't using box 21 but the values in box 52 and 53.
There is currently an error in the software that is causing a miscalculation of box 52/53 not adding up to box 21. There is a thread that discussing this. We are waiting on a fix from Turbotax.
rgrabo65 from what I experienced so far in regards to T3 slips, Turbotax "ignores" box 21 and only uses the values in 52 and 53 to calculate the capital gain. When there is nothing in boxes 52 and 53, then no capital gain shows in the associated schedules. I haven't tried to EFILE yet, but to me the above appeared to fix the calculation.
I am doing my taxes and the other information boxes 52 and 53 add up to the capital gains in box 21, why does it add on instead of balance out . It’s looks like it’s reported twice
Yes, the errors disappear when I enter box 52 and 53 in 'Total Capital Gains' instead of 'Foreign Capital Gains' but the amount owed then shoots up by over $500.
@rgrabo65 We are aware of this issue, and our development team is working on a resolution. Currently we don't have any ETA. Once it is resolved, we will update you in this thread. We appreciate your patience.
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